Purchase Solution

Probability that a business will 'do what is right'.

Not what you're looking for?

Ask Custom Question

7. The start of the twenty-first century saw many corporate scandals and many individuals losing faith in business. In a 2007 poll conducted by the New York City-based Edelman Public Relations firm, 57% of respondents say they trust business to 'do what is right'. This percentage was the highest in the annual survey since 2001.

a. If the sample size is 100, construct a 95% confidence interval estimate of the population proportion of individuals who trust business to 'do what is right'.

b. If the sample size is 200, construct a 95% confidence interval estimate of the population proportion of individuals who trust business to 'do what is right'.

c. Based on the results of part (a), can you conclude that more than half of the respondents trust business to 'do what is right'? Explain your answer.

d. Based on the results of part (b), can you conclude that more than half of the respondents trust business to 'do what is right'? Explain your answer.

e. Discuss the effect that sample size has on the width of confidence intervals.

Purchase this Solution
Solution Summary

Complete, Neat and Step-by-step Solution is provided in the attached file.

Purchase this Solution
Free BrainMass Quizzes
Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

View More Free Quizzes
Related BrainMass Solutions

  • Statistics

    What is the probability that an employee will have a cold next year? b. Given that an employee is involved in an exercise program, what is the probability that he or she will get a cold? c.

  • Using Binomial Probability Distribution

    During a day period 120 customers buy gasoline at this station. (a) What is the probability that at least 50 customers pay in cash? (b) What is the probability that no more than 15 customers pay in cash?

  • Can you alway compute the probability of an event?

    Do you believe that all students in your class will arrive at the same probability assessment that you have? Why or why not? Explain what is meant by subjective probability.

  • Normal probability distribution

    Related to the y line you just drew, when you look up the z score to find the corresponding area for "greater than" y, (remember, this line is to the left of center), what do you need to do with that area number to arrive at your final "greater than"

  • Information about "Probabilities"

    Find a z-score such that 8% of the area under the curve is to the right of z. 14. The probability that a small business will go bankrupt in its first year is 0.21.

  • Statistics

    For example when driving somewhere do you ever estimate the time it will take (and possibly include a plus or minus value)? 2. What is the definition of the statistical term variance? 3.

  • Probability Concepts to Solve Business-Related Problems

    318425 Probability Concepts to Solve Business-Related Problems As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.

  • Probability of Key Selection

    43533 Probability of Key Selection A woman has n keys, of which one will open her door. (a) if she tries the keys at random, discarding those that do not work, what is the probability that she will open the door one her kth try?

  • probability of selecting gloves randomly

    a: If two gloves are randomly selected from the box, without replacement, what is the probability that both gloves will be right handed?

View More Related Solutions