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 1000 supermarket shoppers revealed that 272 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. (Round your answer to four decimal places.) (b) Find a 95% confidence interval for p. (Round your answers to three decimal places.) lower limit       upper limit       What is the margin of error based on a 95% confidence interval? (Round your answer to three decimal places.)

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.