From previous experience, it was found that 62% consumers check the expiry date of medicines before buying medicines. Assume this value to be the population proportion. Recently, a consumer survey was conducted in which 375 consumers took part. a.What is the probability that the sample proportion will be within ±0.05of the population proportion? b.Will the probability be more, equal or less than the probability in part (a) if a sample size of 700 consumers is chosen?

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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.