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In: Statistics and Probability

A Gallup survey indicated that 72 % of millennials, if given a choice, would prefer to...

A Gallup survey indicated that 72 % of millennials, if given a choice, would prefer to star1 their own business rather than work for someone else. A random sample of 600 18- to 29-year olds is obtained.
a. Describe the sampling distribution of the sample proportion ?̂ of millennials who would prefer to star their own business by making sure all conditions are met and by finding ??̂ and ??̂. Round answers to 2 decimal places.
Conditions:
??̂:
??̂:
b. Label the normal curve for the sample proportion of millennials who prefer to start their own business and find the probability that no more than 70% would prefer to start their own business?
c. Would it be unusual in a random sample of 600 adults results in 450 or more who would prefer to start their own business? Justify your answer by finding the probability.A Gallup survey indicated that 72 % of millennials, if given a choice, would prefer to star1 their own business rather than work for someone else. A random sample of 600 18- to 29-year olds is obtained.
a. Describe the sampling distribution of the sample proportion ?̂ of millennials who would prefer to star their own business by making sure all conditions are met and by finding ??̂ and ??̂. Round answers to 2 decimal places.
Conditions:
??̂:
??̂:
b. Label the normal curve for the sample proportion of millennials who prefer to start their own business and find the probability that no more than 70% would prefer to start their own business?
c. Would it be unusual in a random sample of 600 adults results in 450 or more who would prefer to start their own business? Justify your answer by finding the probability.A Gallup survey indicated that 72 % of millennials, if given a choice, would prefer to star1 their own business rather than work for someone else. A random sample of 600 18- to 29-year olds is obtained.
a. Describe the sampling distribution of the sample proportion ?̂ of millennials who would prefer to star their own business by making sure all conditions are met and by finding ??̂ and ??̂. Round answers to 2 decimal places.
Conditions:
??̂:
??̂:
b. Label the normal curve for the sample proportion of millennials who prefer to start their own business and find the probability that no more than 70% would prefer to start their own business?
c. Would it be unusual in a random sample of 600 adults results in 450 or more who would prefer to start their own business? Justify your answer by finding the probability.

Solutions

Expert Solution

c)

x = 450/600=0.75

Probability is 0.0558 which is not too low, so it is not unusual in a random sample of 600 adults results in 450 or more who would prefer to start their own business

orchestra answered 2 years ago
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