Marketing: Bargain Hunters In a marketing survey, a random sample of 1001 supermarket shoppers revealed that 273 always stock up on an item when they find that item at a real bargain price. (See reference in Problem 22.)

(a) Let p represent the proportion of all supermarket shoppers who always stock up on an item when they find a real bargain. Find a point estimate for p.

(b) Find a 95% confidence interval for p. Give a brief explanation of the meaning of the interval.

(c) Interpretation As a news writer, how would you report the survey results on the percentage of supermarket shoppers who stock up on real-bargain items? What is the margin of error based on a 95%

confidence interval?

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