The start of the twenty-first century saw many corporate scandals and many individuals lost 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 (data extracted from G. Colvin, “Business is Back” Fortune, May 14, 2007, pp. 40-48).
A) Construct a 95% confidence interval estimate of the population proportion of individuals who trust business to “do what is right” assuming that the poll surveyed:
1. 100 individuals
2. 200 individuals
3. 300 individuals
B) Discuss the effect that sample size has on the width of confidence intervals.
Describe an application of business calculus you see in sales daily work. What is the situation in which calculus could be applied and what is your estimate of the function you would use?