The margin of error is a statistic that expresses how much random sampling error there is in a survey's results. The Margin of error in this survey is 1%.
The margin of error is a statistic that expresses how much random sampling error there is in a survey's results. The wider the margin of error, the less confident one should be that a poll result reflects the outcome of a population-wide survey.
The random sample of 2500 sports fans, out of which 61% prefer basketball over soccer, therefore, we can write n=2500 and p=0.61. Thus, the margin of error can be written as,
[tex]MOE=\sqrt{\dfrac{\hat p(1-\hat p)}{n}} = \sqrt{\dfrac{0.61(1-0.61)}{2500}} = 0.00975 = 0.975\% \approx 1\%[/tex]
Hence, the Margin of error in this survey is 1%.
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