After a financial analysis, the general manager of a large company decided that if at least 8% of potential buyers of a new product purchase that product, the company will show a profit. In a preliminary survey of 500 potential buyers, 56 people say that they will buy the product. Is there sufficient evidence at the 5% significance level that the product will produce a profit?   IDENTIFY TEST STATISTIC. POPULATION (ONE, TWO OR MULTIPLE) STATE NULL AND ALTERNATE HYPOTHESIS. EXPLAIN THE GRAPH AND WHETHER IT IS (LEFT, RIGHT TAIL OR BOTH). WHAT TYPE OF DISTRIBUTION. LEFT CRITICAL VALUE AND RIGHT CRITICAL VALUE (IF APPLICABLE) CALCULATED TYPE + VALUE P-VALUE (IF APPLICABLE)

Q: Compute the value of the test statistic. (to 2 decimals)  What is the p-value?

A: The test statistic is, t=x¯1-x¯2s12n1+s22n2=6.82-6.250.64216+0.75210=0.570.28609439=1.9923≈1.99…

Q: A manufacturer wanted to know if more coupons would be redeemed if they were mailed to the female in…

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Q: In 2013, Steve LeCompte, a stock market trader and analyst, did a study to see which TV…

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Q: A survey by a magazine stated that 14% of men said they used exercise to reduce stress. A random…

A: from the above datawe are given thatp=0.14n=100x=10p^=xnp^=10100p^=0.10Test…

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A: Experimental Study: If some treatments are applied on the individuals in order to observe the…

Q: State the null and alternative hypothesis as an expression

A: Given that x1=12.5 x2=13.9 s1=3.9 s2=5.2 n1=14 n2=17

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A: Given : x = 210 n = 1782 Hypothesis : H0 : p ≤ 0.103 Ha : p > 0.103 p^ = 2101782 p^ = 0.1178 sp^…

Q: Conduct a descriptive analysis of the sample of business students which includes the following: i.…

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Q: If we have a data set containing the age and marital status of large group of individuals and we ask…

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Q: Number of Cigarettes Smok 1-14 15-34

A: #   wear seat belts  dont wear seat belts total 0 188 160 348 1-14 27 23 50 15-34 41 34 75…

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Q: Most adults would erase all of their personal information online if they could. A software firm…

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Q: In 2013, Steve LeCompte, a stock market trader and analyst, did a study to see which TV…

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Q: How does an observed sample mean qualify as a common outcome?

A:

2-Proportion Test

In a 2-proportion test, two separate proportions are measured at the same time, and their similarity is evaluated. It is also known as a 2-proportion z-test, and a comparison of two different proportions is done in this method.