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Assume that the population proportion of all business professionals who select an airline based on price is 0.30. A random sample of 215 business professionals is to be used for further study.
A. What is the shape, mean(expected value), and standard deviation of the sampling distribution of the sample proportion for samples of size 215?
B. What is the probability that our sample of 215 results in a sample proportion that falls within 4 percent (+/- 0.03) of the population value?
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You are a monopolist producing video game software and know you can segment your market into two distinct groups of consumers: kids who will pay almost any price for your software, and older consumers who are very price-sensitive. Assuming all the sa..
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