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katen-ka-za [31]
2 years ago
3

A newspaper reporter asked an srs of 100 residents in a large city for their opinion abut the mayo's job performance. using the

results from the sample, the c% confidence interval for the proportion of all residents in the city who approve of the majoyr's job performance is 0.565 and 0.695. what is the value of c?
Business
1 answer:
Damm [24]2 years ago
3 0

Answer:

82.30%

Explanation:

Given

n = Sample Size = 100

Confidence Interval Proportion = (0.565,0.695)

The sample proportion lies at exactly the middle of the confidence interval and is calculated by:

p = (0.565 + 0.695)/2

p = 1.26/2

p = 0.63

Next, we'll solve for the boundaries of the confidence interval.

This is given by:

p ± zα/2 * √p(1-p)/n

p ± zα/2 * √p(1-p)/n = 0.695 where p = 0.63

So, we have

0.63 + zα/2 * √(0.63(1 - 0.63)/100) = 0.695 ------ Subtract 0.63 from both sides

zα/2 * √((0.63 * 0.37)/100) = 0.695 - 0.63

zα/2 * √((0.63 * 0.37)/100) = 0.065

zα/2 * 0.048 = 0.065

zα/2 = 0.065/0.048

zα/2 = 1.346301159669266

zα/2 = 1.35 -----; Approximated

The confidence interval is the probability that the sample proportion is between -zα/2 and zα/2 (-1.35 and 1.35).

This can be solved using normal probability table. Such that

Confidence Interval = P(-1.35 < Z < 1.35)

= P(Z<1.35) - P(Z<-1.35)

= 0.9115 - 0.0885

= 0.8230

= 82.30%

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Answer:

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Explanation:

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Explanation:

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The consumer surplus is the area between the demand curve and the equilibrium price line. Here we have a base of $40 (the price difference between the demand schedule price at Q = 0, which is $85, and the equilibrium price of $45). The height of the triangle is once again 20 (the number of units purchased in equilibrium). Using these values, we have a consumer surplus of (1/2) × 40 × 20 = $400.

b. Deadweight loss is the difference in total surplus between an efficient level of output Q1 and a reduced level of output at Q2. We can calculate this as the area of a triangle bounded by points bde. The base of this triangle is the difference in prices at points d and e, or $55 – $35 = $20. The height of this triangle is given by the difference in the restricted level of output of Q2 = 15 and the efficient level of output Q1 = 20, or 5 units. Thus, the area of this triangle (the deadweight loss) is equal to (1/2) × $20 × 5 = $50. The remaining total surplus can be found by subtracting the deadweight loss from the original (efficient) total surplus. This is $800 (maximum total surplus) – $50 (deadweight loss) = $750.

c. The deadweight loss from overproduction is the difference in total surplus between an efficient level of output Q1 and an additional level of output at Q3. We can calculate this as the area of a triangle bounded by points bfg. The base of this triangle is the difference in prices at points f and g, or $59 – $31 = $28. The height of this triangle is given by the difference in the additional level of output Q3 = 27 and the efficient level of output Q1 = 20, or 7 units. Thus, the area of this triangle (the deadweight loss) is equal to (1/2) × $28 × 7 = $98. The remaining total surplus can be found by subtracting the deadweight loss from the original total surplus. This is $800 (maximum total surplus) – $98 (deadweight loss) = $702. Note here that we maximize total (producer + consumer) surplus by producing the equilibrium quantity, but we lose surplus from overproduction (inefficient use of resources).

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