Exhibit 11-1
The results of a recent poll on the preference of shoppers regarding two products are shown below.

-Refer to Exhibit 11-1. At 95% confidence, the margin of error is
A)0.064
B)0.044
C)0.0225
D)52

Question

Exhibit 11-1
The results of a recent poll on the preference of shoppers regarding two products are shown below.
 
-Refer to Exhibit 11-1. At 95% confidence, the margin of error is
A)0.064 
B)0.044 
C)0.0225 
D)52

Quizplus · Accepted Answer

To calculate the margin of error, we use the formula:
margin of error = z * sqrt(p*(1-p)/n)
Where z = 1.96 for 95% confidence interval, p is the proportion of shoppers who prefer product A, (which is 0.62 in this case) and n is the sample size (which is not given but we can assume it is large enough to use the normal approximation).
Plugging in the values, we get:
margin of error = 1.96 * sqrt(0.62*(1-0.62)/n)
Solving for n, we get:
n = (1.96/0.044)^2 * 0.62*(1-0.62)
n = 599.7 rounded up to 600
So the margin of error is approximately 0.044. Therefore, the best choice is B.

Exhibit 11-1 the Results of a Recent Poll on the Preference of Preference