Question
In: Statistics and Probability
An economist reports that 621 out of a sample of 2,300 middle-income American households actively participate...
An economist reports that 621 out of a sample of 2,300
middle-income American households actively participate in the stock
market.
a. Construct a 99% confidence interval of the proportion of
middle-income Americans who actively participate in the stock
market.
b. Can we conclude that the proportion of middle-income Americans
that actively participate in the stock market is not 30%?
Solutions
Expert Solution
a) Confidence interval :
b) Test for single proportion:
(1) Null and Alternative Hypothesis:
H0: the proportion of middle-income Americans that actively participate in the stock market is 30%
i.e. H0: P = 0.30
H1: the proportion of middle-income Americans that actively participate in the stock market is not 30%
i.e. H1: P not = 0.30
Thus we conclude that the proportion of middle-income Americans that actively participate in the stock market is not 30%
orchestra answered 2 years agoRelated Solutions
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