Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. [Sampling distribution, CLT] Let a random (and representative) sample of 314 IT startups is given. According to the survey results, 218 enterpreneurs from

image text in transcribed

2. [Sampling distribution, CLT] Let a random (and representative) sample of 314 IT startups is given. According to the survey results, 218 enterpreneurs from the sample reported that inflation rate over the last year critically affected their business. (a) Find the sample proportion of IT startups which were critically affected by the inflation rate. (b) Assuming the Central Limit Theorem is applicable, calculate the standard error for p. (c) What is the probability that the sample proportion p of critically affected IT startups is smaller than population proportion p? (d) How likely is that the population proportion p of critically affected IT startups is less than 0.75? (or, equivalently, but more accurately formulated, what is the probability that the sampling error -p is larger than 0.056 (= 0.694 - 0.75)?)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Making Hard Decisions with decision tools

Authors: Robert Clemen, Terence Reilly

3rd edition

538797576, 978-0538797573

More Books

Students also viewed these Mathematics questions

Question

Evaluate each expression if possible. V0.49

Answered: 1 week ago