Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2016 the Better Business Bureau settled 81% of complaints they received in the United States. Suppose you have been hired by the Better

image text in transcribed

In 2016 the Better Business Bureau settled 81% of complaints they received in the United States. Suppose you have been hired by the Better Business Bureau to investigate the complaints they received this year involving new car dealers. You plan to select a sample of new car dealer complaints to estimate the proportion of complaints the Better Business Bureau is able to settle. Assume the population proportion of complaints settled for new car dealers is 0.81, the same as the overall proportion of complaints settled in 2016. Use the z-table. a. Suppose you select a sample of 200 complaints involving new car dealers. Show the sampling distribution of P. E(p)= = .0277 .81 (to 2 decimals) (to 4 decimals) b. Based upon a sample of 200 complaints, what is the probability that the sample proportion will be within 0.03 of the population proportion (to 4 decimals)? probability= c. Suppose you select a sample of 450 complaints involving new car dealers. Show the sampling distribution of p. E(p) = .81 .0185 (to 2 decimals) (to 4 decimals) d. Based upon the larger sample of 450 complaints, what is the probability that the sample proportion will be within 0.03 of the population proportion (to 4 decimals)? probability = e. As measured by the increase in probability, how much do you gain in precision by taking the larger sample in part (d)? The probability of the sample proportion being within 0.03 of the population mean is increased by sample size. (to 3 decimals). There is a gain in precision by increasing the

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

Money Banking and Financial Markets

Authors: Stephen Cecchetti, Kermit Schoenholtz

4th edition

978-0078021749

Students also viewed these Mathematics questions

Question

What is managements primary objective?

Answered: 1 week ago

Question

What is a classifi ed balance sheet?

Answered: 1 week ago