Many public polling agencies conduct surveys to determine the current consumer sentiment concerning the state of the
Question:
Many public polling agencies conduct surveys to determine the current consumer sentiment concerning the state of the economy. For example, the Bureau of Economic and Business Research (BEBR) at the University of Florida conducts quarterly surveys to gauge consumer sentiment in the Sunshine State. Suppose that the BEBR randomly samples 484 consumers and finds that 157 are optimistic about the state of the economy. Use a 90% confidence interval to estimate the proportion of all consumers in Florida who are optimistic about the state of the economy. Based on the confidence interval, can BEBR infer that a minority of Florida consumers is optimistic about the economy?
Step by Step Answer:
Statistics For Business And Economics
ISBN: 9781292227085
13th Global Edition
Authors: Terry Sincich James Mcclave, P. George Benson