Please show me how solve it Use the following information to answer the next fiv

Question

Please show me how solve it Use the following information to answer the next five exercises: poll of 1, 200 voters asked what the most significant issue was in the upcoming election. Sixty-five percent answered the economy. We are interested in the population proportion of voters who feel the economy is the most important. Define the random variable X in words. Define the random variable P in words. Which distribution should you use for this problem? Construct a 90% confidence interval, and state the confidence interval and the error bound. What would happen to the confidence interval if the level of confidence were 95%?

Explanation / Answer

Question 77)

The confidence interval formula:

p^ (-/+) E

p^ = 0.65

n = 1200

E = zc * sqrt [ (p^*(1-p^))/n]

zc is the critical value (1.645) from normal table at 10% level of significance.

E = 1.645 * sqrt ((0.65*(1-0.65)/1200))

   = 0.0226

p^ (-/+) E

0.65 (-/+) 0.0226

Þ 0.627 and 0.673

The 90% confidence interval is 0.627 and 0.673. It states that here we are 90% confidence that the population proportion will lie in between 0.627 and 0.673. The error bound is 0.0226.

Question 78)

If confidence level changes to the level of confidence to 95% then the width of the confidence interval will be increased. As the level of confidence increased the critical z increased which result the higher value of margin of error (error bound); which results in bigger width of confidence interval.

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