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Saad, Lydia. “Three in Four U.S. Workers Plan to Work Pas Retirement Age: Slightly more say they will do this by choice rather than necessity.” Gallup® Economy, 2013. Available online at http://www.gallup.com/poll/162758/three-four-workers-plan-work-past-retirement-age.aspx (accessed July 2, 2013).

The Field Poll. Available online at http://field.com/fieldpollonline/subscribers/ (accessed July 2, 2013).

Zogby. “New SUNYIT/Zogby Analytics Poll: Few Americans Worry about Emergency Situations Occurring in Their Community; Only one in three have an Emergency Plan; 70% Support Infrastructure ‘Investment’ for National Security.” Zogby Analytics, 2013. Available online at http://www.zogbyanalytics.com/news/299-americans-neither-worried-nor-prepared-in-case-of-a-disaster-sunyit-zogby-analytics-poll (accessed July 2, 2013).

“52% Say Big-Time College Athletics Corrupt Education Process.” Rasmussen Reports, 2013. Available online at http://www.rasmussenreports.com/public_content/lifestyle/sports/may_2013/52_say_big_time_college_athletics_corrupt_education_process (accessed July 2, 2013).

Chapter review

Some statistical measures, like many survey questions, measure qualitative rather than quantitative data. In this case, the population parameter being estimated is a proportion. It is possible to create a confidence interval for the true population proportion following procedures similar to those used in creating confidence intervals for population means. The formulas are slightly different, but they follow the same reasoning.

Let p′ represent the sample proportion, x/n , where x represents the number of successes and n represents the sample size. Let q′ = 1 – p′ . Then the confidence interval for a population proportion is given by the following formula:

(lower bound, upper bound) = ( p E B P , p   + E B P ) =   ( p z p q n , p + z p q n )

The “plus four” method for calculating confidence intervals is an attempt to balance the error introduced by using estimates of the population proportion when calculating the standard deviation of the sampling distribution. Simply imagine four additional trials in the study; two are successes and two are failures. Calculate p = x + 2 n + 4 , and proceed to find the confidence interval. When sample sizes are small, this method has been demonstrated to provide more accurate confidence intervals than the standard formula used for larger samples.

Formula review

p′ = x / n where x represents the number of successes and n represents the sample size. The variable p ′ is the sample proportion and serves as the point estimate for the true population proportion.

q ′ = 1 – p

p ~ N ( p , p q n ) The variable p′ has a binomial distribution that can be approximated with the normal distribution shown here.

EBP = the error bound for a proportion = z α 2 p q n

Confidence interval for a proportion:

( lower bound, upper bound) = ( p E B P , p + E B P ) = ( p z p q n ,   p + z p q n )

n =   z α 2 2 p q E B P 2 provides the number of participants needed to estimate the population proportion with confidence 1 - α and margin of error EBP .

Use the normal distribution for a single population proportion p   = x n

Questions & Answers

differentiate between demand and supply giving examples
Lambiv Reply
differentiated between demand and supply using examples
Lambiv
what is labour ?
Lambiv
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Venny Reply
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information
Eliyee
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Eliyee
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WARKISA
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Lambiv
multiple choice question
Aster Reply
appreciation
Eliyee
explain perfect market
Lindiwe Reply
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
Ezea
What is ceteris paribus?
Shukri Reply
other things being equal
AI-Robot
When MP₁ becomes negative, TP start to decline. Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Kelo
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Shukri
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Shukri
what is monopoly mean?
Habtamu Reply
What is different between quantity demand and demand?
Shukri Reply
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
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Shukri
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Lilia Reply
what is the difference between economic growth and development
Fiker Reply
Economic growth as an increase in the production and consumption of goods and services within an economy.but Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
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Jabir
What do you think is more important to focus on when considering inequality ?
Abdisa Reply
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Awais Reply
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
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Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50. A,Calculate quantities of x and y which maximize utility. B,Calculate value of Lagrange multiplier. C,Calculate quantities of X and Y consumed with a given price. D,alculate optimum level of output .
Feyisa Reply
Answer
Feyisa
c
Jabir
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
Gsbwnw Reply
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
Abdureman
types of unemployment
Yomi Reply
What is the difference between perfect competition and monopolistic competition?
Mohammed
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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