Question: Marketing. In a marketing survey, a random sample of 1001 supermarket shoppers revealed that 273 always stock up on an item when they find that item at a real bargain price. See reference in Problem 9.

1. 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.
2. Find a 95% confidence interval for p. Give a brief explanation of the meaning of the interval.
3. 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? What is the margin of error based on a 95% confidence interval?

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