Estimate the product. Then find the actual product.
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Answer:
The point estimate for p is 0.86.
Step-by-step explanation:
We are given that in a marketing survey, a random sample of 730 women shoppers revealed that 628 remained loyal to their favorite supermarket during the past year (i.e. did not switch stores).
Let p = <u><em>proportion of all women shoppers who remain loyal to their favorite supermarket</em></u>
Now, the point estimate for the population proportion (p) is represented by ;
Point estimate for p = =
where, X = Number of women shoppers who remained loyal to their favorite supermarket during the past year = 628
n = sample of women shoppers = 730
So, <u>point estimate for p</u> () =
= = <u>0.86</u>