A Large University Is Interested in the Outcome of a Course

question 77

Short Answer

A large university is interested in the outcome of a course standardization process. They have taken a random sample of 100 student grades, across all instructors. The grades represent the proportion of problems answered correctly on a midterm exam. The sample proportion correct was calculated as 0.78.
A) Construct a 90% confidence interval on the population proportion of correctly answered problems.
B) Construct a 95% confidence interval on the population proportion of correctly answered problems.

• A) Construct a 90% confidence interval on the population proportion of correctly answered problems.
• B) Construct a 95% confidence interval on the population proportion of correctly answered problems.

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Definitions:

MR = MC Rule

A principle in economics where the optimal level of output is reached when marginal revenue equals marginal cost.

Price Taker

An individual or company that must accept prevailing prices in the market of its products or services, lacking the market power to influence prices on its own.

Break Even

The point at which total cost and total revenue are equal, resulting in no net loss or gain.

Minimum Output

refers to the lowest level of production that a company can sustain over the long term.