Franchise Profits. According to Franchise Business Review, over 50% of all food franchises earn a profit of less than $50,000 a year. In a sample of 142 casual dining restaurants, 81 earned a profit of less than $50,000 last year.What is the point estimate of the proportion of casual dining restaurants that earned a profit of less than $50,000 last year?Answer Determine the margin of error and provide a 95% confidence interval for the proportion of casual dining restaurants that earned a profit of less than $50,000 last year.Answer How large a sample is needed if the desired margin of error is .03?Answer

Given: Population size, n=142 Sample size, x=81 (1) Point estimate of the proportion of casual…

Answered: Franchise Profits. According to…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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Problem 1P

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Franchise Profits. According to Franchise Business Review, over 50% of all food franchises earn a profit of less than $50,000 a year. In a sample of 142 casual dining restaurants, 81 earned a profit of less than $50,000 last year.
1. What is the point estimate of the proportion of casual dining restaurants that earned a profit of less than $50,000 last year?
  
  Answer
2. Determine the margin of error and provide a 95% confidence interval for the proportion of casual dining restaurants that earned a profit of less than $50,000 last year.
  
  Answer
3. How large a sample is needed if the desired margin of error is .03?
  
  Answer

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