Suppose That in a Recent Survey, About 33% of Canadians

question 8

Essay

Suppose that in a recent survey, about 33% of Canadians polled said that they would likely purchase reusable cloth bags for groceries in order to reduce plastic waste. Suppose 45 shoppers are interviewed a local supermarket.
a. Describe the sampling distribution of the sample proportion by naming the model and telling its mean and standard deviation.
b. What is the probability that no more than 12 shoppers will say that they are likely to purchase reusable cloth bags for groceries?

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Definitions:

Marginal Revenue Curve

A graphical representation showing the extra revenue obtained from selling one more unit of a good or service.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, typically downward sloping, indicating an inverse relationship between price and quantity demanded.

Price Maker

A market participant with the power to influence the price of a good or service, typically due to a lack of significant competition, controlling a large portion of the market supply.

Downsloping

Characteristic of a demand curve, indicating that as the price decreases, the quantity demanded increases, assuming all other factors remain constant.