Identify the Null Hypothesis, Alternative Hypothesis, Test Statistic, P-Value, Conclusion

question 6

Essay

Identify the null hypothesis, alternative hypothesis, test statistic, P-value, conclusion about the null hypothesis, and final conclusion that addresses the original claim.
-An article in a journal reports that 34% of American fathers take no responsibility for child care. A researcher claims that the figure is higher for fathers in the town of Littleton. A random sample of 234 fathers from Littleton yielded 96 who did not help with child care. Test the researcher's claim at the 0.05 significance level.

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Definitions:

Mixed Economy

An economic system that combines elements of capitalism and socialism, including both private and public ownership of resources and enterprises.

Laissez Faire

An ideology that supports a capitalist market economy free from regulatory oversight by the government.

Basic Questions

Basic Questions in economics typically refer to the fundamental queries about what to produce, how to produce, and for whom to produce, guiding allocation of resources.

Market Failure

A scenario where the distribution of goods and services through a free market fails to achieve efficiency, typically resulting in a decrease in overall social welfare.