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3. A random sample of 200 attorneys shows that there are 36 of them who make at least $400,000 a уear. a) Can we conclude at the 1% significance level that the true proportion of attorneys in the population who make at least $400,000 a year is less than 0.24? What is the p value for your calculation? b) Estimate the true proportion of attorneys in the population who make at least $400,000 a year with a confidence level of 95%.

3. A random sample of 200 attorneys shows that there are 36 of them who make at least $400,000 a уear. a) Can we conclude at the 1% significance level that the true proportion of attorneys in the population who make at least $400,000 a year is less than 0.24? What is the p value for your calculation? b) Estimate the true proportion of attorneys in the population who make at least $400,000 a year with a confidence level of 95%.

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 58E: What is meant by the sample space of an experiment?
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Please solve parts b and c 

3. A random sample of 200 attorneys shows that there are 36 of them who make at least $400,000 a year. a) Can we conclude at the 1% significance level that the true proportion of attorneys in the population who make at least S400,000 a year is less than 0.24? What is the p value for your calculation? b) Estimate the true proportion of attorneys in the population who make at least $400,000 a year with a confidence level of 95%.
Transcribed Image Text:3. A random sample of 200 attorneys shows that there are 36 of them who make at least $400,000 a year. a) Can we conclude at the 1% significance level that the true proportion of attorneys in the population who make at least S400,000 a year is less than 0.24? What is the p value for your calculation? b) Estimate the true proportion of attorneys in the population who make at least $400,000 a year with a confidence level of 95%.
c) Estimate the true proportion of attorneys in the population who make at least $400,000 a year if you select a random sample of 20 attorneys and 4 of them make at least $400,000 a year. Compare this estimate with the previous one.
Transcribed Image Text:c) Estimate the true proportion of attorneys in the population who make at least $400,000 a year if you select a random sample of 20 attorneys and 4 of them make at least $400,000 a year. Compare this estimate with the previous one.
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