Video A Businessweek/Harris survey asked senior executives at large corporations

Question

Video A Businessweek/Harris survey asked senior executives at large corporations their opinions about the economic outlook for the future. One question was, "Do you think that there will be an increase in the number of full-time employees at your company over the next 12 months?" In the current survey, 230 of 500 executives answered Yes, while in a previous year survey, 193 of 500 executives had answered Yes. Provide a 95% confidence interval estimate or the difference between the proportions at the two o nts in time to 4 dec mas sez able to What is your interpretation of the interval estimate? more executives are predicting in full-time jobs. The confidence interval shows the difference may be from : * to 74% an inc ease : 7% : Hide Feedback

Explanation / Answer

P1 = 230 / 500 = 46%

P2 = 193 / 500 = 38.6%

P1 - P2 = 7.4%

SE(P1 - P2) = Sqrt( (P1*(1-P1)/n1) + (P2*(1-P2)/n2) )

= Sqrt( (46%*(1-46%)/500) + (38.6%*(1-38.6%)/500) )

= 3.12%

Z-score for 95% interval = 1.96

Margin for error = 3.12% * 1.96 = 6.11%

Lower range = 7.4% - 6.11% = 1.29%

Upper range = 7.4% + 6.11% = 13.51%

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