You may need to use the appropriate appendix table or technology to answer this question. Last year, 51% of business owners gave a holiday gift to their employees. A survey of business owners conducted this year indicates that 40% plan to provide a holiday gift to their employees. Suppose the survey results are based on a sample of 60 business owners. (a) How many business owners in the survey plan to provide a holiday gift to their employees this year? 24 business owners (b) Suppose the business owners in the sample did as they plan. Compute the p-value for a hypothesis test that can be used to determine if the proportion of business owners providing holiday gifts has decreased from last year. Find the value of the test statistic. (Round your answer to two decimal places.) -1.70 Find the p-value. (Round your answer to four decimal places.) p-value = 0.0446 (c) Using a 0.05 level of significance, would you conclude that the proportion of business owners providing gifts decreased? Do not reject Ho. There is sufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last year. Reject Ho. There is sufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last year. Reject Ho. There is insufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last year. Do not reject Ho. There is insufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last year. What is the smallest level of significance for which you could draw such a conclusion? (Round your answer to four decimal places.) 0.05

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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.