Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A market research company conducted a telephone survey of320 Australianhouseholds to determine the proportion of households planningto renovate their kitchen within the next year. An

  1. A market research company conducted a telephone survey of320 Australianhouseholds to determine the proportion of households planningto renovate their kitchen within the next year. An interval estimate of 0.134 to 0.196 was calculated. Determine the level of confidence (answer as percentage correct to two decimal places).
  2. The average and standard deviation of the amount of GST paidbyall sole trader businesses in a twelve month period were $7.803 thousand and $1.581 thousand respectively. If a sample of 84sole trader businesseswas chosen, find the sample average value above which only 5% of sample averages would lie. Give your answer indollars(to the nearest dollar).
  3. A fast food company CEOclaims that 32% of university students regularly eat at one of their restaurants. A survey of 170 students showed that 62 students regularly eatat one of their restaurants.Under the assumption that the CEO's claim is correct, determine (to 4 decimal places):

1. the standard error for the sampling distribution of the proportion.

2. the probability that the sample proportion could be at least that found in the survey.

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

International Economics Theory and Policy

Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz

9th Edition

978-0132146654, 0132146657, 9780273754091, 978-0273754206

More Books

Students also viewed these Economics questions

Question

LO5.2 Discuss government failure and explain why it happens.

Answered: 1 week ago