Suppose a sample of 200 local vendors is selected as part of a survey conducted by the Ministry of Trade and it is found that 145 of the local vendors make an average income in excess of $ 7 600 per month. a) What is the point estimate of the proportion of local vendors who make an average income less than N$ 7 600 per month? b) What is the 98% confidence interval estimate of the population proportion of local vendors who make an average income in excess of $ 7 600 per month? c) Interpret the answer in (b).

Suppose a sample of 200 local vendors is selected as part of a survey conducted by the Ministry of Trade and it is found that 145 of the local vendors make an average income in excess of $ 7 600 per month. a) What is the point estimate of the proportion of local vendors who make an average income less than N$ 7 600 per month? b) What is the 98% confidence interval estimate of the population proportion of local vendors who make an average income in excess of $ 7 600 per month? c) Interpret the answer in (b).

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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