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It is true that, when constructing a confidence interval for a population mean , we use the z distribution when sample size is 30 or higher, and the t distribution when it is lower than 30 . However such a rule is no longer valid when constructing confidence intervals for a population proportion . For proportions, sample sizes should be big-enough (often much larger than 30) so that both conditions (i) np>10 and (ii) n(1-p).10 are satisfied. (The Rule of Sample Proportions) The use of the z distribution will then become justified when both of the above two conditions are satisfied.
In your opinion, what are the practical implication of the above two conditions? In other words, how do these conditions ensure that n is large enough for estimating a population proportion?
Insurance and social policy. You have been hired by an insurance company to help them launch a new product which would pay for long-term care in a nursing home for people at an average cost of $150,000/year. Who would you expect would buy your policy..
Our firm has economies of scope in tires and water bottles. The market for water bottles is competitive, and in the short run we are producing at P=MC
St Atanagio is a remote island in the Atlantic. The inhabitants grow corn and breed poultry. The accompanying table shows the maximum annual output combinations of corn and poultry that can be produced. Obviously, given their limited resources and..
The Credit Company offers to loan a college student $6300 for school expenses. Repayment of the loan will be in monthly installments of $266.73 for 30 months. What nominal interest rate is being charged on this loan? The nominal interest rate that is..
Now assume the following specific demand equation: p = 9 – 0.3q; r = 0.1; R= 80; mc = 2. Suppose the resource price is currently $3 per unit. What is the depletion year for this resource under perfection completion?
Investigators report an beta estimate of 0.34 for sodium intake (g/d) associated with hypertension status among a population US nurses aged 40-80 years
The difference between the cost to produce the CDs and the price you paid for them spending $30 on two new CDs spending $30 on dinner and a movie with your friends.
Why are entrepreneurs willing to supply goods and serices for consumers at attractive price - Is it because they care personally about the consumers?
illustrate what dollar amount will the profit margin.
Examine perfect competition in the value-menu fast-food restaurant business. Why does this type of fast-food restaurant tend to display characteristics of perfect competition? When is losing money on Mondays still a good business decision?
There are 20,000 hours of labor for country A. 5 hours of labor are required to produce 1 unit of S, while 4 hours are required to produce 1 unit of T. If a world relative price is given as 2, and A's imports = 2,000, what are A's exports?
The Bank of Key West is not going to have enough reserves at the end of the business day to meet its reserve requirement of 10%. It currently has two options to borrow money overnight in order to meet the requirement. What is the federal funds rate. ..
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