Fewer young people are driving. In 1995, 63.9% of people under 20 years old who were eligible had a driver's license. Bloomberg reported that percentage had dropped to 41.7% in 2016. Suppose these results are based on a random sample of 1,200 people under 20 years old who were eligible to have a driver's license in 1995 and again in 2016. a. At 95% confidence, what is the margin of error and the interval estimate of the number of eligible people under 20 years old who had a driver's license in 1995? Margin of error = (to four decimal places) Interval estimate = to (to four decimal places) b. At 95% confidence, what is the margin of error and the interval estimate of the number of eligible people under 20 years old who had a driver's license in 2016? Margin of error = (to four decimal places) Interval estimate = (to four decimal places) to c. Is the margin of error the same in parts (a) and (b)? - Select your answer - v Why, or why not?
Fewer young people are driving. In 1995, 63.9% of people under 20 years old who were eligible had a driver's license. Bloomberg reported that percentage had dropped to 41.7% in 2016. Suppose these results are based on a random sample of 1,200 people under 20 years old who were eligible to have a driver's license in 1995 and again in 2016. a. At 95% confidence, what is the margin of error and the interval estimate of the number of eligible people under 20 years old who had a driver's license in 1995? Margin of error = (to four decimal places) Interval estimate = to (to four decimal places) b. At 95% confidence, what is the margin of error and the interval estimate of the number of eligible people under 20 years old who had a driver's license in 2016? Margin of error = (to four decimal places) Interval estimate = (to four decimal places) to c. Is the margin of error the same in parts (a) and (b)? - Select your answer - v Why, or why not?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
Transcribed Image Text:Fewer young people are driving. In 1995, 63.9% of people under 20 years old who were eligible had a driver's license. Bloomberg reported that percentage had
dropped to 41.7% in 2016. Suppose these results are based on a random sample of 1,200 people under 20 years old who were eligible to have a driver's license
in 1995 and again in 2016.
a. At 95% confidence, what is the margin of error and the interval estimate of the number of eligible people under 20 years old who had a driver's license in
1995?
Margin of error
(to four decimal places)
Interval estimate
to
(to four decimal places)
b. At 95% confidence, what is the margin of error and the interval estimate of the number of eligible people under 20 years old who had a driver's license in
2016?
Margin of error =
(to four decimal places)
Interval estimate =
to
(to four decimal places)
c. Is the margin of error the same in parts (a) and (b)?
- Select your answer v
Why, or why not?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 9 images
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education