Interval Estimation For Proportion | Lecture Note - Edubirdie

University:
York University
Course:
AP/ADMS 2320 | Business Statistics
Academic year:

2022
Views:

360

Pages:

1
Author:

Niklas

Interval Estimation for Proportion Use when trying to find a proportion within a Sample example: • Example 5. A market research firm wants to estimate the share that foreign companies have in the U.S. market for certain products. A random sample of 100 consumers is obtained, and it is found that 34 people in the sample are users of foreign-made products; the rest are users of domestic products. Give a 95% confidence interval for the share of foreign products in this market. Handwritten document D n p̂ = 34/100 = 0.34 σ = √(p̂(1-p̂)/n) = √(0.34(1-0.34)/100) = 0.047 n 0.34 - 1.96×0.047 ≤ p ≤ 0.34 + 1.96×0.047 0.2479 ≤ p ≤ 0.432

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