Suppose you work for a marketing consulting firm and you are tasked to determine the proportion of Americans who respond positiv
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Answer:
The population is under consideration in the data set is 765 adults in the United States.
The parameter must be the proportion of people who could not cover a $400 unexpected expense without borrowing money or going into debt.
The point estimated for the parameter is 0.421
Step-by-step explanation:
Consider the provided information.
In a random sample 765 adults in the United States, 322 say they could not cover a $400 unexpected expense without borrowing money or going into debt.
Part (A) What population is under consideration in the data set?
A population is refer to the total set of observation.
Since, the total adults in the data set is 765.
Thus, the population is under consideration in the data set is 765 adults in the United States.
Part (B) What parameter is being estimated?
The parameter is any number that characterizes the population in question.
322 say they could not cover a $400 unexpected expense without borrowing money or going into debt.
That means the parameter must be the proportion of people who could not cover a $400 unexpected expense without borrowing money or going into debt.
Hence, the parameter must be the proportion of people who could not cover a $400 unexpected expense without borrowing money or going into debt.
Part (C) What is the point estimate for the parameter?
We can calculate the point estimate by dividing the number of people could not cover a $400 unexpected expense with total number of adults.
Hence, the point estimated for the parameter is 0.421