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A national real estate magazine advertised that 16% of first-time home buyers had a family income below $43,000. A national real estate firm beleeves this percentage is too low and samples 100 of its records. the firm finds that 23 of its first-time home buyers did have a family income below $43,000. Does the smaple suggest that the prportion of first-time home buyers with an income less than $43,000 is more than 16%?
a) Write the null and alternative hypotheses;
H0 = H1 =
B) Decide an appropriate distribution from h0
C) What conditions should we check
D)Set decisions rule with a=0.05
E) What is the value of the test statistic
F) What is the associated p-value
G) State your conclusion only with p value at a=0.05
This document contains various important questions and their appropriate answers in the subject field of Economics.
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