Asked by Colin Arnold on Jul 05, 2024
Verified
A new brand of chocolate bar is being market tested.Four hundred of the new chocolate bars were given to consumers to try.The consumers were asked whether they liked or disliked the chocolate bar.You are given their responses below. 
a.
What is the point estimate for the proportion of people who liked the chocolate bar?
b.
Construct a 95% confidence interval for the true proportion of people who liked the chocolate bar.
c.
With a .95 probability, how large of a sample needs to be taken to provide a margin of error of 1.5% or less?
Point Estimate
A single value (or point) estimate derived from sample data to approximate a population parameter.
Confidence Interval
A range of number sets, derived from statistical analyses of samples, assumed to hold the invisible value of a population characteristic.
Margin of Error
An expression of the range within which the true value of a statistic is expected to fall, based on sample observations.
- Acquire knowledge on the formation of a confidence interval for a population proportion.
- Gain insight into the correlation between sample size, confidence level, and margin of error.
- Understand the utilization of confidence intervals in real-life contexts.
Verified Answer
Learning Objectives
- Acquire knowledge on the formation of a confidence interval for a population proportion.
- Gain insight into the correlation between sample size, confidence level, and margin of error.
- Understand the utilization of confidence intervals in real-life contexts.
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