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Hypothesis Test for a Population Proportion
A well-known brokerage firm executive claimed that \( 10 \% \) of investors are their investment goals. An XYZ Investor Optimism Survey, conducted over a a sample of 700 people, \( 16 \% \) of them said they are confident of meeting the
Test the claim that the proportion of people who are confident is larger than level.
The null and alternative hypothesis would be:
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Answer
Step 3: Determine the critical value and make a decision about the hypothesis
Step 1 ：Step 1: Define the null and alternative hypothesis: \( H_0: p = 0.1 \) and \( H_a: p > 0.1 \)
Step 2 ：Step 2: Calculate the test statistic: \( z = \frac{p̂ - p_0}{\sqrt{\frac{p_0(1-p_0)}{n}}} \)
Step 3 ：Step 3: Determine the critical value and make a decision about the hypothesis
