Question

In a sample of 600 potential car buyers, 376 indicated that they would consider purchasing a hybrid gas/electric-powered car. What is the point estimate for the proportion of potential car buyers that would consider buying a hybrid vehicle? Calculate this value.

Answer 1

The point estimate for the proportion of potential car buyers that would consider buying a hybrid vehicle is 0.63.

Explanation:

We are given that in a sample of 600 potential car buyers, 376 indicated that they would consider purchasing a hybrid gas/electric-powered car.

The point estimate for the proportion of potential car buyers that would consider buying a hybrid vehicle is represented by =
`\hat p`

where,
`\hat p=(X)/(n)`

Here X = Number of car buyers who indicated that they would consider purchasing a hybrid gas/electric-powered car = 376

n = Total number of sample of car buyers = 600

So, point estimate,
`\hat p=(X)/(n)`

=
`(376)/(600)` = 0.63

Hence, the point estimate for the proportion of potential car buyers that would consider buying a hybrid vehicle is 0.63.