SCENARIO 7-4 According to a Survey,only 15% of Customers Who Visited the Visited

question 79

Short Answer

SCENARIO 7-4
According to a survey,only 15% of customers who visited the web site of a major retail store made a purchase.Random samples of size 50 are selected.
-Referring to Scenario 7-4,what proportion of the samples will have between 20% and 30% of customers who will make a purchase after visiting the web site?

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Definitions:

P-value

A statistical measure that helps in determining the significance of the results obtained from a hypothesis test, indicating the probability of observing the results by chance.

Statistical Significance

A result is said to be statistically significant if the computed p-value is less than some prescribed number, usually 0.05.

Null Hypothesis

In statistical hypothesis testing, a statement suggesting that there is no significant difference or effect and that any observed difference is due to sampling or experimental error.

Small P-value

In statistical hypothesis testing, a small p-value indicates strong evidence against the null hypothesis, suggesting that the observed data is unlikely under the assumption of no effect or no difference.