The Chairman of a Statistics Department in a Certain College $\pi$

question 51

Short Answer

The chairman of a statistics department in a certain college believes that 70% of the department's graduate assistantships are given to international students.A random sample of 50 graduate assistants is taken.Assume that the chairman is correct and that $\pi$
= 0.70.What is the probability that the sample proportion p will be within $\pm$ 0.05 of the population proportion $\pi$
?

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Definitions:

Salvage Value

An estimated resale value of an asset at the end of its useful life.

Profitability

The measure of a business's ability to generate earnings compared to its expenses and costs, determining its financial success and viability.

Production Cost

The total expense incurred in the manufacturing of a product, including raw materials, labor, and overhead costs.

Postponement

A supply chain strategy that delays the final assembly or customization of a product until the latest possible time to reduce inventory costs and improve customization.