Question

A market research company conducted a survey to find the level of affluence in a city. They defined the category "affluence" for males earning $100,000 or more annually and for females earning $80,000 or more annually. Out of 267 persons who replied to their survey, 32 are listed under this category.

Answer 1

Standard error=0.02

Explanation:

Calculation for What is the standard error of the sample proportion

First step is to find P

P=32/267

P=0.1199

Now let calculate standard error of the sample proportion

Using this formula

Standard error=√p(1-p)/n

Let plug in the formula

Standard error=√(0.1199* (267-32/267)/267

Standard error = √(0.1199*(235/267)/267

Standard error= √(0.1199*0.8801)/267

Standard error=0.02

Therefore the standard error of the sample proportion will be 0.02