Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2017, 9 of the 30 stocks making up the DJIA increased in price. On the basis of this fact, a financial analyst claims we can assume that 76% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day. A sample of 78 stocks traded on the NYSE that day showed that 62 went up. You are conducting a study to see if the proportion of stocks that went up is significantly different from 76%. You use a significance level of α=0.01. a. The test statistic = (please show your answer to 3 decimal places.)  b. The p-value = (Please show your answer to 4 decimal places.)

Q: Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good…

A: Denote p as the true population proportion of stocks that went up.

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.