A plan for an executive travelers club has been developed byairline on...

A plan for an executive travelersâ€™ club has been developed by airline on the premise that...

70.2K

Verified Solution

Question

Basic Math

A plan for an executive travelersâ€™ club has been developed byairline on the premise that 5% of its current customers wouldqualify for membership. A random sample of 500 customers yielded 40who would qualify. Â Â
Write down the null and alternative hypotheses.
Explain whether this is a one-sided or a two-sided test, andwhy.
What is the value of the test statistic for your observedresults?
What is the p-value for your observed results?
What is your conclusion? Please use words that a non-statisticsstudent would understand, and justify your answer. Assume asignificance level of .05.
Based on your conclusion, what type of error are you riskat?

Answer & Explanation Solved by verified expert

4.2 Ratings (828 Votes)

Given that possibile chances x40 sample sizen500 success rate p xn 008 success probability po 005 failure probability qo 095 null Hop005 alternate H1 p005 level of significance 005 from standard normal table two tailed z 2 196 See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member