Final answer:
The best point estimate of the population proportion is taken as the sample proportion; given the value of 0.842, this is our point estimate. For confidence intervals and sample size determinations, the z-score is used in calculations based on the confidence level and margin of error.
Step-by-step explanation:
The best point estimate of the population proportion p is the sample proportion (p') that is used to estimate the true population proportion. From the reference information, we have a sample proportion of 0.842; therefore, this value is the point estimate of the population proportion p. When constructing a confidence interval, we consider the error bound and the z-score corresponding to the confidence level. For example, with a confidence level (CL) of 95%, and an alpha (a) value of 0.025, the z-score used is 1.96. Additionally, if we have p' = 0.2 and a sample size n = 1,000, we can use the normal distribution to estimate the population proportion.
To determine the minimum sample size required for a certain confidence level and margin of error, one would use the formula that includes the desired error bound and z-score for the chosen confidence level. For 90% confidence with a margin of error of 0.05, the sample size calculation would be based on these parameters. When interpreting a confidence interval, such as (0.564, 0.636), we say that we are 90% confident that the true population proportion lies within this range.