Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A large online retailer is interested in learning about the proportion of customers making a purchase during a particular month who were satisfied with the

image text in transcribed A large online retailer is interested in learning about the proportion of customers making a purchase during a particular month who were satisfied with the online ordering process. A random sample of 600 of these customers included 522 who indicated they were satisfied. For each of the three following statements, indicate if the statement is correct or incorrect. If the statement is incorrect, explain what makes it incorrect. (Use a table or technology) Statement 1: Statement 2: Statement 3 It is unlikely that the estimate 0.87 differs from the value of the actual population proportion by more than 0.014, O Correct O Incorrect, because the value 0.014 is the standard error of p rather than the margin of error. O Incorrect, because the value 0.014 is the margin of error of p rather than the standard erro O Incorrect, because it is unlikely that the estimate differs from the actual population proportion by less than 0.014, rather than by more than 0.014 It is unlikely that the estimate p=0.87 differs from the value of the actual population proportion by more than 0.027. Correct O Incorrect, because the value 0.027 is the standard error of p rather than the margin of error O Incorrect, because the value 0.027 is the margin of error of rather than the standard error: O Incorrect, because it is unlikely that the estimate differs from the actual population proportion by less than 0.027, rather than by more than The estimate 0.87 will never differ from the value of the actual population proportion by more than 0.027. Correct O Incorrect, because in 5% of all possible random samples, the estimate will differ from the actual population proportion by more than 0.027 O Incorrect, because in 95% of all possible random samples, the estimate will differ from the actual population proportion by more than 0.022 O Incorrect, because the estimate will never differ from the actual population proportion by less than 0.027

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

Students also viewed these Accounting questions