Develop a simple aggregate price index for 2016 using 2000 as the base period.

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Chapter 17, Problem 40CE

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Develop a simple aggregate price index for 2016 using 2000 as the base period.

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In a town with 5000 adults, a sample of 50 is selected using SRSWOR and asked their opinion of a proposed municipal project; 30 are found to favor it and 20 oppose it. If, in fact, the adults of the town were equally divided on the proposal, what would be the probability of observing what has been observed? Approximate using the Binomial distribution. Compare this with the exact probability which is 0.0418.