8) The Discovery Automobile Company is attempting to determine if it should retain a previously popular sports car model called El Nino. A random sample of 500 consumers is obtained, and each person in the sample is asked if he/she would still consider purchasing an El Nino. To determine if El Nino should be retained, the sample proportion of respondents who said yes, p, is used at a level a = 0.05 to test the hypothesis Ho :P2 0.5 against H1 : P <0.5. What value of the sample proportion, p, is required to reject the null hypothesis?

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8) The Discovery Automobile Company is attempting to determine if it should retain a
previously popular sports car model called El Nino. A random sample of 500
consumers is obtained, and each person in the sample is asked if he/she would still
consider purchasing an El Nino. To determine if El Nino should be retained, the
sample proportion of respondents who said yes, p, is used at a level a = 0.05 to test the
hypothesis Ho : P 2 0.5 against H1 : P < 0.5. What value of the sample proportion, p, is
required to reject the null hypothesis?
Transcribed Image Text:8) The Discovery Automobile Company is attempting to determine if it should retain a previously popular sports car model called El Nino. A random sample of 500 consumers is obtained, and each person in the sample is asked if he/she would still consider purchasing an El Nino. To determine if El Nino should be retained, the sample proportion of respondents who said yes, p, is used at a level a = 0.05 to test the hypothesis Ho : P 2 0.5 against H1 : P < 0.5. What value of the sample proportion, p, is required to reject the null hypothesis?
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