A publisher reports that 53%53% of their readers own a particular make of car. A marketing executive wants to test the claim that the percentage is actually different from the reported percentage. A random sample of 250250 found that 44%44% of the readers owned a particular make of car. Determine the P-value of the test statistic. Round your answer to four decimal places.

Step-by-step explanation:

Data given and notation

n=250 represent the random sample taken

estimated proportion of of the readers owned a particular make of car.

is the value that we want to test

represent the significance level

z would represent the statistic (variable of interest)

represent the p value (variable of interest)  

Concepts and formulas to use  

We need to conduct a hypothesis in order to test the claim that the true porportion is equal to 0.53.:  

Null hypothesis:  

Alternative hypothesis:  

When we conduct a proportion test we need to use the z statistic, and the is given by:  

(1)  

The One-Sample Proportion Test is used to assess whether a population proportion is significantly different from a hypothesized value .

Calculate the statistic  

Since we have all the info requires we can replace in formula (1) like this:  

Statistical decision  

It's important to refresh the p value method or p value approach . "This method is about determining "likely" or "unlikely" by determining the probability assuming the null hypothesis were true of observing a more extreme test statistic in the direction of the alternative hypothesis than the one observed". Or in other words is just a method to have an statistical decision to fail to reject or reject the null hypothesis.  

The next step would be calculate the p value for this test.  

Since is a bilateral test the p value would be:  

its not b

step-by-step explanation:

if you're trying to figure out how much each ounce cost it would be 0.20

cents each ounce