USA Today reported that about 47% of the general consumer population in the United States is loyal to the automobile manufacturer of their choice. Suppose Chevrolet did a study of a random sample of 994 Chevrolet owners and found that 500 said they would buy another Chevrolet. Does this indicate that the population proportion of consumers loyal to the car company is more than 47%? Use ? = 0.01. Solve the problem using both the traditional method and the P-value method. Since the sampling distribution of p̂ is the normal distribution, you can use critical values from the standard normal distribution as shown in the table of critical values of the z distribution. (Round the test statistic and the critical value to two decimal places. Round the P-value to four decimal places.) test statistic = ? critical value = ? P-value = ?
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
USA Today reported that about 47% of the general consumer population in the United States is loyal to the automobile manufacturer of their choice. Suppose Chevrolet did a study of a random sample of 994 Chevrolet owners and found that 500 said they would buy another Chevrolet. Does this indicate that the population proportion of consumers loyal to the car company is more than 47%? Use ? = 0.01. Solve the problem using both the traditional method and the P-value method. Since the sampling distribution of p̂ is the
test statistic = ?
critical value = ?
P-value = ?
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