Find a 95% confidence interval for p. (For each answer, enter a number. Round your answers to three decimal places.) lower limit upper limit

Question

For this problem, carry at least four digits after the decimal in your calculations. Answers may vary slightly due to rounding.

In a marketing survey, a random sample of 994 supermarket shoppers revealed that 272 always stock up on an item when they find that item at a real bargain price.

(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.)

(b)

Find a 95% confidence interval for p. (For each answer, enter a number. Round your answers to three decimal places.)
lower limit
upper limit

Give a brief explanation of the meaning of the interval.

We are 5% confident that the true proportion of shoppers who stock up on bargains falls within this interval.We are 95% confident that the true proportion of shoppers who stock up on bargains falls outside this interval. We are 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval.We are 5% confident that the true proportion of shoppers who stock up on bargains falls above this interval.

(c)

As a news writer, how would you report the survey results on the percentage of supermarket shoppers who stock up on items when they find the item is a real bargain?

Report p̂.Report the confidence interval. Report the margin of error.Report p̂ along with the margin of error.

What is the margin of error based on a 95% confidence interval? (Enter a number. Round your answer to three decimal places.)