Using a sample of 250 informal producers, it was reported that 180 of them were paid more than the current minimum wage. Econometrician estimated a confidence interval between 0.70 to 0.78 for the population parameter. Given the information above, determine the confidence level of this interval. a) The value of the confidence level is between 83% and 85% b) The value of the confidence level is between 73% and 75% C) None of the answers are correct d) The value of the confidence level is between 86% and 88% e) The value of the confidence level is between 76% and 78%

MATLAB: An Introduction with Applications
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Author:Amos Gilat
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Using a sample of 250 informal producers, it was reported that 180 of them were
paid more than the current minimum wage. Econometrician estimated a confidence
interval between 0.70 to 0.78 for the population parameter.
Given the information above, determine the confidence level of this interval,
a) The value of the confidence level is between 83% and 85%
b) The value of the confidence level is between 73% and 75%
C) None of the answers are correct
d) The value of the confidence level is between 86% and 88%
e) The value of the confidence level is between 76% and 78%
Transcribed Image Text:Using a sample of 250 informal producers, it was reported that 180 of them were paid more than the current minimum wage. Econometrician estimated a confidence interval between 0.70 to 0.78 for the population parameter. Given the information above, determine the confidence level of this interval, a) The value of the confidence level is between 83% and 85% b) The value of the confidence level is between 73% and 75% C) None of the answers are correct d) The value of the confidence level is between 86% and 88% e) The value of the confidence level is between 76% and 78%
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