In a marketing survey, a random sample of 1016 supermarket shoppers revealed that 270 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.) 2657 (b) Find a 95% confidence interval for p. (For each answer, enter a number. Round your answers to three decimal places.) lower limit 5837 upper limit 1.1837 Give a brief explanation of the meaning of the interval. O we are 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval. O we are 5% confident that the true proportion of shoppers who stock up on bargains falls within this interval. O we are 95% confident that the true proportion of shoppers who stock up on bargains falls outside this interval. O 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? O Report the margin of error. O Report the confidence interval. O Report p. O Report p 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.) 25

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Hello, please explain and answer all parts a, b and c. thank you.

In a marketing survey, a random sample of 1016 supermarket shoppers revealed that 270 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.)
2657
(b) Find a 95% confidence interval for p. (For each answer, enter a number. Round your answers to three decimal places.)
lower limit
5837
upper limit
1.1837
Give a brief explanation of the meaning of the interval.
O we are 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval.
O we are 5% confident that the true proportion of shoppers who stock up on bargains falls within this interval.
O We are 95% confident that the true proportion of shoppers who stock up on bargains falls outside this interval.
O 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?
O Report the margin of error.
O Report the confidence interval.
Report p.
O Report p 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.)
|25
Transcribed Image Text:In a marketing survey, a random sample of 1016 supermarket shoppers revealed that 270 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.) 2657 (b) Find a 95% confidence interval for p. (For each answer, enter a number. Round your answers to three decimal places.) lower limit 5837 upper limit 1.1837 Give a brief explanation of the meaning of the interval. O we are 95% confident that the true proportion of shoppers who stock up on bargains falls within this interval. O we are 5% confident that the true proportion of shoppers who stock up on bargains falls within this interval. O We are 95% confident that the true proportion of shoppers who stock up on bargains falls outside this interval. O 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? O Report the margin of error. O Report the confidence interval. Report p. O Report p 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.) |25
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