Computing a p-value for market researchers

Reference no: EM1393984

Market researchers would like to know if customers prefer a well-known brand over a generic brand of soft drink. They give a large sample of people the two drinks to taste in a random order and ask them which one tastes better. They find that 70% of people say the branded one and researchers compute a p-value of .02. Interpret this number.

Reference no: EM1393984

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