Question

Determine the point estimate.

A travel insurance company randomly sampled 600 flight reservations and found that 24 of them were canceled.
Find a point estimate (p-hat) for p, the population proportion of canceled flight reservations.

Answer 1

The point estimate for the population proportion of canceled flight reservations is 0.04.

Step-by-step explanation:

To determine the point estimate for the population proportion of canceled flight reservations, we can use the formula:

p-hat = x/n

Where x is the number of canceled flight reservations in the sample and n is the total number of flight reservations in the sample.

In this case, x = 24 and n = 600. Therefore, the point estimate (p-hat) for the population proportion of canceled flight reservations is:

p-hat = 24/600 = 0.04