Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 10, 2024

Suppose you have a sample size of 600 negligent cases. 80% of plaintiffs are awarded damages. Suppose you are willing to let the 80% estimate

Suppose you have a sample size of 600 negligent cases. 80% of plaintiffs are awarded damages. Suppose you are willing to let the 80% estimate be within 3% of the true population(assuming a 90 % Confidence)

Is 600 an adequate sample size for the estimate of 80%? why or why not

Construct a 90% confidence interval on the estimate of 80% how would i interpret it?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Linear Algebra with Applications

Authors: Steven J. Leon

7th edition

131857851, 978-0131857858

More Books

Students also viewed these Mathematics questions

Question

★★★★★

Discuss the impact of the changing age structure of the population on consumer spending and buying behavior. Why is this trend important to marketers?

Answered: 1 week ago

Question

★★★★★

LO 7.5 19. Derek purchases a small business from Art on September 1, 2010. He paid the following amounts for the business: Fixed assets $220,000 Goodwill 40,000 Covenant not to compete 45,000 Total...

Answered: 1 week ago

Question

★★★★★

How do accounting principles affect financial statement analysis?

Answered: 1 week ago

Question

★★★★★

. A rectangular tank with a square base, an open top, and a volume of 27,436 ft" is to be constructed of sheet steel. Find the dimensions of the tank that has the minimum surface area. Let s be the...

Answered: 1 week ago

Question

★★★★★

1 . Consider the JPYUSD currency movements over the last week ( calculate appreciation / depreciation ) . Identify two reasons that explain the price movement ( use demand supply graphs to explain )...

Answered: 1 week ago

Question

★★★★★

Exercise 5: A team of IT security specialists analyzed the frequency of cyber attacks on a university's network on a given day and were able to model the average number of attacks A(t) per hour at...

Answered: 1 week ago

Question

★★★★★

2) The local five-star restaurant asks its patrons to fill out a quick satisfaction survey (is the patron satisfied or not) after their meal, and the restaurant claims that their satisfaction rating...

Answered: 1 week ago

Question

★★★★★

The following problem information is to be used for problems 5 through 11. Suppose that a company was trying to relate the number of units ordered to the offered price of the product. The computer...

Answered: 1 week ago

Question

★★★★★

For problems 11 and 12, assume that cans of coke are filled so that the actual amounts are normally distributed with a mean of 12.00 oz and a standard deviation of 0.12 oz. (11) Find the probability...

Answered: 1 week ago

Question

★★★★★

A gearset is composed of two gears with made from grade two steel (HB=250). The first gear has 55 teeth, a diametral pitch of 4, and a pressure angle of 25 deg. The teeth are full depth teeth with...

Answered: 1 week ago

Previous Question Next Question