For this problem, carry at least four digits after the decimal in your calculations. Answers may vary slightly due to rounding. In a marketing survey, a random sample of 1018 supermarket shoppers revealed that 276 always stock up on an item when they find that item at a real bargain price. (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. (Enter a number. Round your answer to four decimal places.) (b) Find a 95% confidence interval for p. (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 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval.We are 5% confident that the true proportion of shoppers who stock up on bargains falls above this 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. (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? Report the confidence interval.Report p̂. Report the margin of error.Report p̂ along with the margin of error. What is the margin of error based on a 95% confidence interval? (Enter a number. Round your answer to three decimal places.)

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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(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. (Enter a number. Round your answer to four decimal places.)

(b)

Find a 95% confidence interval for p. (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 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval.We are 5% confident that the true proportion of shoppers who stock up on bargains falls above this 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.

(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?

Report the confidence interval.Report p̂. Report the margin of error.Report p̂ along with the margin of error.

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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