In a random sample of 765 adults in the United States, 322 say they could not cover a $400 unexpected expense without borrowing money or going into debt. (a) What is the population under consideration in the data set? (b) What parameter is being estimated? (c) What is the point estimate for the parameter? (d)Someone claims that 50% of US adults can cover a $400 unexpected expense without borrowing money or going into debt. Use this to construct the sampling distribution of sample proportions who can cover the expense. Be sure to check the appropriate conditions and include the shape, center, spread, and a well-labeled sketch of the sampling distribution. (e) If the claim in Part (D) is true, is the point estimate you obtained in Part (C) surprising? Why or why not?
In a random sample of 765 adults in the United States, 322 say they could not cover a $400 unexpected expense without borrowing money or going into debt. (a) What is the population under consideration in the data set? (b) What parameter is being estimated? (c) What is the point estimate for the parameter? (d)Someone claims that 50% of US adults can cover a $400 unexpected expense without borrowing money or going into debt. Use this to construct the sampling distribution of sample proportions who can cover the expense. Be sure to check the appropriate conditions and include the shape, center, spread, and a well-labeled sketch of the sampling distribution. (e) If the claim in Part (D) is true, is the point estimate you obtained in Part (C) surprising? Why or why not?
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter7: Distance And Approximation
Section7.3: Least Squares Approximation
Problem 31EQ
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In a random sample of 765 adults in the United States, 322 say they could not cover a $400 unexpected expense without borrowing money or going into debt.
(a) What is the population under consideration in the data set?
(b) What parameter is being estimated?
(c) What is the point estimate for
the parameter?
(d)Someone claims that 50% of US adults can cover a $400 unexpected expense without borrowing money or going into debt. Use this to construct the sampling distribution of sample proportions who can cover the expense. Be sure to check the appropriate conditions and include the shape, center, spread, and a well-labeled sketch of the sampling distribution.
(e) If the claim in Part (D) is true, is the point estimate you obtained in Part (C) surprising? Why or why not?
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