For this problem, carry at least four digits after the decimal in your calculations. Answers may vary slightly due to rounding. In a marketing survey, a random sample of 980 supermarket shoppers revealed that 270 always stock up on an item when they find that item at a real bargain price. (a) Let p represent the proportion of all supermarket shoppers who always stock up on an item when they find a real bargain. Find a point estimate for p. (Round your answer to four decimal places.) (b) Find a 95% confidence interval for p. (Round your answers to three decimal places.) lower limit upper limit Give a brief explanation of the meaning of the interval. We are 5% confident that the true proportion of shoppers who stock up on bargains falls within this interval. • We are 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval. o We are 5% confident that the true proportion of shoppers who stock up on bargains falls above this interval. o We are 95% confident that the true proportion of shoppers who stock up on bargains falls outside this interval. (c) As a news writer, how would you report the survey results on the percentage of supermarket shoppers who stock up on items when they find the item is a real bargain? Report p along with the margin of error. O Report the confidence interval. O Report p". Report the margin of error. What is the margin of error based on a 95% confidence interval? (Round your answer to three decimal places.)

Mathematics For Machine Technology
8th Edition
ISBN:9781337798310
Author:Peterson, John.
Publisher:Peterson, John.
Chapter38: Achievement Review—section Three
Section: Chapter Questions
Problem 6AR
icon
Related questions
icon
Concept explainers
Question
Practice Pack

a, b, c

For this problem, carry at least four digits after the decimal in your calculations. Answers may vary slightly due to rounding.
In a marketing survey, a random sample of 980 supermarket shoppers revealed that 270 always stock up on an item when they find that item at a real bargain price.
(a) Let p represent the proportion of all supermarket shoppers who always stock up on an item when they find a real bargain. Find a point estimate for p. (Round your answer to
four decimal places.)
(b) Find a 95% confidence interval for p. (Round your answers to three decimal places.)
lower limit
upper limit
Give a brief explanation of the meaning of the interval.
O we are 5% confident that the true proportion of shoppers who stock up on bargains falls within this interval.
• We are 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval.
O we are 5% confident that the true proportion of shoppers who stock up on bargains falls above this interval.
We are 95% confident that the true proportion of shoppers who stock up on bargains falls outside this interval.
(c) As a news writer, how would you report the survey results on the percentage of supermarket shoppers who stock up on items when they find the item is a real bargain?
O Report p along with the margin of error.
O Report the confidence interval.
O Report p.
Report the margin of error.
What is the margin of error based on a 95% confidence interval? (Round your answer to three decimal places.)
Transcribed Image Text:For this problem, carry at least four digits after the decimal in your calculations. Answers may vary slightly due to rounding. In a marketing survey, a random sample of 980 supermarket shoppers revealed that 270 always stock up on an item when they find that item at a real bargain price. (a) Let p represent the proportion of all supermarket shoppers who always stock up on an item when they find a real bargain. Find a point estimate for p. (Round your answer to four decimal places.) (b) Find a 95% confidence interval for p. (Round your answers to three decimal places.) lower limit upper limit Give a brief explanation of the meaning of the interval. O we are 5% confident that the true proportion of shoppers who stock up on bargains falls within this interval. • We are 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval. O we are 5% confident that the true proportion of shoppers who stock up on bargains falls above this interval. We are 95% confident that the true proportion of shoppers who stock up on bargains falls outside this interval. (c) As a news writer, how would you report the survey results on the percentage of supermarket shoppers who stock up on items when they find the item is a real bargain? O Report p along with the margin of error. O Report the confidence interval. O Report p. Report the margin of error. What is the margin of error based on a 95% confidence interval? (Round your answer to three decimal places.)
Expert Solution
trending now

Trending now

This is a popular solution!

video

Learn your way

Includes step-by-step video

steps

Step by step

Solved in 4 steps with 3 images

Blurred answer
Knowledge Booster
Points, Lines and Planes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL