Eric has saved $18,300 toward a down payment on a house. He makes a salary of $59,750 a year. What is the maximum he could affor
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Answer:
For this case the parameter of interest is given by:
who represent the true proportion of respondents said that they were willing to pay more for products and services from companies who are committed to positive social and environmental impact
For this case we have an estimation given for this parameter. The estimation comes from a sample of 30000 people selected in 60 countries and they got:
This value represent the best estimator for the true proportion since is an unbiased estimator of the real parameter:
Step-by-step explanation:
For this case the parameter of interest is given by:
who represent the true proportion of respondents said that they were willing to pay more for products and services from companies who are committed to positive social and environmental impact
For this case we have an estimation given for this parameter. The estimation comes from a sample of 30000 people selected in 60 countries and they got:
This value represent the best estimator for the true proportion since is an unbiased estimator of the real parameter:
For this case if we want to test if the population proportion is equal to an specified value we can use the one sample z test for a proportion:
Null hypothesis:
Alternative hypothesis:
When we conduct a proportion test we need to use the z statisitc, and the is given by:
(1)
The One-Sample Proportion Test is used to assess whether a population proportion is significantly different from a hypothesized value
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We need to leave m alone on the right hand side, so let's move everything else to the left hand side.
First of all, we can subtract b from both sides to get
Now, we can divide both sides by c to get
And so we solved the expression for m, because we have written an expression in the form , where the right hand side doesn't depend on m.