When You Calculate the Sample Size for a Proportion,you Use $P _ { \text {est } }$

question 2

Multiple Choice

When you calculate the sample size for a proportion,you use an estimate for the population proportion;namely $P _ { \text {est } }$
) A conservative value for n can be obtained by using $P _ { \text {est } }$
=

• A) 0.01
• B) 0.05
• C) 0.10
• D) 0.50
• E) 1.00

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Definitions:

Midpoint Method

A technique used to calculate elasticity by taking the average of the initial and final quantities and the initial and final values.

Total Revenue

The total income received by a firm from its sales of goods or services, calculated as the unit price times the quantity sold.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers.

Inelastic

A situation in which the demand or supply for a good or service is relatively unresponsive to changes in price.