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    Techniques in Business Economic Statistics

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    Test at the 0.01 level the statement that 55% of those families who plan to purchase a vacation residence in Florida want a condominium. The null hypothesis is ? = 0.55 and the alternate is ? ? 0.55. A random sample of 400 families who planned to buy a vacation residence revealed that 228 families want a condominium. What decision should be made regarding the null hypothesis?

    Do not reject it

    Reject it

    Cannot accept nor reject it based on the information given

    None of the above

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    Solution Preview

    the estimated ratio is p = 228/400 = 0.57
    n = 400
    SE = SQRT(p*(1-p)/n)= ...

    Solution Summary

    The techniques in business economics statistics is examined.