The cost of brand-name prescriptions are set to provide support for research and development of these drugs,

Question:

The cost of brand-name prescriptions are set to provide support for research and development of these drugs, which may cover as many as 20 years. Nonetheless, a majority of Americans say that costs of prescription drugs (66%), hospital costs (64%), and doctors visits (55%) are unreasonably high. Suppose that you take a random sample of n = 1000 adults. Let p̂ be the proportion of adults who say that prescription drugs are unreasonably high.

a. What is the exact distribution of p̂? How can you approximate the distribution of p̂?

b. What is the probability that p̂ exceeds .68?

c. What is the probability that p̂ lies between .64 and .68?

d. Would a sample percentage of 70% contradict the reported value of 66%?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...

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