In a survey of 400 likely voters, 214 responded that they would vote for the incumbent and 186 responded that they would vote for the challenger. Let p denote the fraction of all likely voters who preferred the incumbent at the time of the survey, and let p be the fraction of survey respondents who preferred the incumbent. Using the survey results, the estimated value of p is 0.5350. (Round your response to four decimal places.) Using p(1 - p)/n as the estimator of the variance of p, the standard error of the estimator is 0.0249. (Round your response to four decimal places.) The p-value for the test Ho: p = 0.5 versus H₁: p 0.5 is 0.162. (Round your response to three decimal places.)
In a survey of 400 likely voters, 214 responded that they would vote for the incumbent and 186 responded that they would vote for the challenger. Let p denote the fraction of all likely voters who preferred the incumbent at the time of the survey, and let p be the fraction of survey respondents who preferred the incumbent. Using the survey results, the estimated value of p is 0.5350. (Round your response to four decimal places.) Using p(1 - p)/n as the estimator of the variance of p, the standard error of the estimator is 0.0249. (Round your response to four decimal places.) The p-value for the test Ho: p = 0.5 versus H₁: p 0.5 is 0.162. (Round your response to three decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
please help me answer this question. 0.162 is incorrect
Transcribed Image Text:In a survey of 400 likely voters, 214 responded that they would vote for the incumbent and 186 responded that
they would vote for the challenger. Let p denote the fraction of all likely voters who preferred the incumbent at
the time of the survey, and let p be the fraction of survey respondents who preferred the incumbent.
Using the survey results, the estimated value of p is 0.5350. (Round your response to four decimal places.)
Using p(1 - p)/n as the estimator of the variance of p, the standard error of the estimator is 0.0249. (Round
your response to four decimal places.)
The p-value for the test Ho: p = 0.5 versus H₁: p 0.5 is 0.162. (Round your response to three decimal
places.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education