In a 2018 etudy, Phoenix Marketing International identified Bridgeport, Connecticut; San Jose, California; Washington, DC; and Lexington Park, Maryland, as the four U.S. cities with the vered Correctly mgnest percentage of millionaires (Kiplinger website). Consider a sample of data that show the following number of millionaires for samples of individuals from each of the four cities. City Bridgeport, San Jose, Washington, Lexington Park, ETITT Millionaire CA D.C. MD Yes 43 34 38 32 No 457 266 362 368 a. What is the estimate of the percentage of millionaires in each of these cities (to 1 decimal)? Bridgeport, San Jose, Washington, Lexington Park, ст CA D.C. MD Percentage, % b. Using a = 0.05 level of significance, test for the equality of the population proportion of millionaires for these four cities. What is the p-value? Compute the value of the x test statistic (to 3 decimals).
In a 2018 etudy, Phoenix Marketing International identified Bridgeport, Connecticut; San Jose, California; Washington, DC; and Lexington Park, Maryland, as the four U.S. cities with the vered Correctly mgnest percentage of millionaires (Kiplinger website). Consider a sample of data that show the following number of millionaires for samples of individuals from each of the four cities. City Bridgeport, San Jose, Washington, Lexington Park, ETITT Millionaire CA D.C. MD Yes 43 34 38 32 No 457 266 362 368 a. What is the estimate of the percentage of millionaires in each of these cities (to 1 decimal)? Bridgeport, San Jose, Washington, Lexington Park, ст CA D.C. MD Percentage, % b. Using a = 0.05 level of significance, test for the equality of the population proportion of millionaires for these four cities. What is the p-value? Compute the value of the x test statistic (to 3 decimals).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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