Question

(a) Let p represent the proportion of all supermarket shoppers who always stock up on an item when they find a real bargain. Find a point estimate for p. (Enter a number. Round your answer to four decimal places.)

Answer 1

`Here \ is \ the \ missing \ part.`

`In \ a \ marketing \ survey, \ a \ random \ sample \ of \ 992 \ supermarket \ \ shoppers \ \ revealed`

`that \ 274 \ always \ stoc k \ up \ on \ a n \ item \ when \ they \ find \ that \ item \ at \ a \ real \ bargain \ price.`

Answer:

0.2762

Explanation:

The point estimate is the best guess of the true parameter. It is an estimate of a population parameter and it is a single value of statistics.

The sample proportion
`\hat p` is the point estimate of the population proportion p

Given that

The sample mean = 274; &

The sample size = 992

Then,

The point estimate
`p = (x)/(n)`

`p = (274)/(992)`

p = 0.2762