A Random Sample of Size 100 Is Taken from a Population

question 119

Multiple Choice

A random sample of size 100 is taken from a population described by the proportion p = 0.60.The probability that the sample proportion is between 0.55 and 0.62 is _______.

• A) 0.1539
• B) 0.5052
• C) 0.6591
• D) 0.8130

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Definitions:

Marginal Revenue

The additional income that is gained from selling one more unit of a good or service.

Non-discriminating Monopolist

A monopolist that charges all consumers the same price for its product.

Marginal Revenue

The added income resulted from the transaction of an additional unit of a product or service.

Monopolist

A single seller in a market with no close substitutes for the product or service, allowing for control over prices.