In an experiment to determine if two products are equally liked by consumers, a sample of 1000 randomly selected consumers found that 515 favored product A. To perform an appropriate test of hypothesis at 1% level of significance, the observed test statistic equals a) 0.0513 b) 0.5000 c) 0.5150 d) 0.9487

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.