IF the sum of four times a number and four less than three times a number is seventeen what is the number
1 answer:
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Answer:
The expected participation rate is 0.637.
The standard error is 0.04397
Step-by-step explanation:
For each working age people asked, there are only two possible outcomes. Either they are in the labor force, or they are not. This means that we can solve this problem using binomial distribution probability concepts.
Binomial probability:
Expected value for the participation rate: The expected value is the probability of a success. In this problem, a success is a working age people being in the labor force. 63.7% of them are. So . This means that the expected participation rate is 0.637.
Standard error for the participation rate:
The standard error is given by the following formula:
.
In this problem, 120 people are asked, so
.
So the standard error is 0.04397
Answer:
We want to find:
Here we can use Stirling's approximation, which says that for large values of n, we get:
Because here we are taking the limit when n tends to infinity, we can use this approximation.
Then we get.
Now we can just simplify this, so we get:
And we can rewrite it as:
The important part here is the exponent, as n tends to infinite, the exponent tends to zero.
Thus: