Question
In a marketing survey, a random sample of1008supermarket shoppers revealed that262always stock up on an item when they find that item at a real bargain
In a marketing survey, a random sample of1008supermarket shoppers revealed that262always stock up on an item when they find that item at a real bargain price.
(a)Letprepresent the proportion of all supermarket shoppers who always stock up on an item when they find a real bargain.Find a point estimate forp. (Enter a number. Round your answer to four decimal places.)
(b)Find a 95% confidence interval forp. (For each answer, enter a number. Round your answers to three decimal places.)
lower limit =
upper limit=
Give a brief explanation of the meaning of the interval.
We are 5% confident that the true proportion of shoppers who stock up on bargains falls within this interval.
We are 95% confident that the true proportion of shoppers who stock up on bargains falls outside this interval.
We are 5% confident that the true proportion of shoppers who stock up on bargains falls above this interval.
We are 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval.
(c)As a news writer, how would you report the survey results on the percentage of supermarket shoppers who stock up on items when they find the item is a real bargain?
Reportpalong with the margin of error.
Report the margin of error.
Report the confidence interval.
Reportp.
What is the margin of error based on a 95% confidence interval? (Enter a number. Round your answer to three decimal places.)
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