Question

Find information, preferably pertaining to your major (business) or your interests, and talk about the application of a confidence interval OR a construct a hypothesis test. The application part of this assignment is the most important part so when constructing a confidence interval or a hypothesis test, include how the application can be utilized. Include the actual mathematics behind your choice. Cite your sources correctly.

Answer 1

2)
p^ +- z * sqrt(p^ * (1-p^/n))

X = 784, n = 5000

p^ = X/n = 0.1568, z = 1.96 for 95% CI

Population PROPORTION Confidence Interval
	sample size =	5000
	sample proportion =	0.1568
	confidence level =	95%
	Number of Decimals in Results =	4
	standard error =	0.005142
	Critical z-value =	1.959964
	Confidence Interval =	0.1568	+/-	0.0100786280273571
	=	( 0.146721371972643, 0.166878628027357)
	≈	( 0.1467, 0.1669)
	We are 95% confident the true population proportion is between 0.1467 and 0.1669.

3)

Population PROPORTION Hypothesis Test
	phat = sample proportion =	0.1568
	n = sample size =	5000
	α = alpha =	0.1
Step 1: State Ho and Ha
	Population parameter comparison value?			0.15
	Is this a LEFT, RIGHT or TWO tailed test?			RIGHT-tailed
	Null Hypothesis:	Ho: p ≤ 0.15
	Alternate Hypothesis:	Ha: p > 0.15
Step 2: State Decision Criteria; Find Critical Values
	Reject Ho if z > 1.282
	or Reject Ho if p-value < α = 0.1
Step 3: Calculate Test Statistic
	Test statistic = z =	1.346600658
	p-value =	0.089054441
Step 4: Make Decision
	Reject Ho
	Reject Ho since p-value (0.0891) IS less than α, alpha, = 0.1.
	Also, Reject Ho since the Test statistic (1.3466) meets the rejection criteria in STEP 2.
Step 5: Summarize Decision
	There is sufficient statistical evidence to reject Ho.

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