Hypothesis Testing - Critical Value, P-value
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In 2001, an estimated 78% of executives believed that age bias was a serious problem. In a 2004, 82% of the executives surveyed considered age bias a serious problem. The sample size for the 2004 study was not disclosed. Suppose 50 executives were surveyed.
1. At the 0.05 level of significance, use the 6-step critical value approach to hypothesis testing to try and prove that the 2004 proportion of executives who believe that age bias was a problem was higher than the 2001 value of 0.78.
2. Use the 5-step P-value approach. What does the p-value suggest?
3. Suppose the sample size was 1000. Redo 1 and 2.
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Solution Summary
The expert examines hypothesis testing for critical values and p-value. A complete, neat and step-by-step solution is provided in the attached Excel file.
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