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A team of builders has surveyed buyers of their new homes for years.Consistently,only 41% of the buyers have indicated that they were "quite satisfied" or "very satisfied" with the construction quality of their homes.The builders have implemented new procedures and adopted a revised quality-inspection system to ultimately improve customer satisfaction.They have surveyed 104 buyers since implementing changes;these buyers seem representative,with no systematic changes from past purchasers.Of the 104 buyers,52 indicated they were quite or very satisfied.
-Calculate the appropriate statistic for testing the null hypothesis.
Demand
The desire and ability of consumers to purchase goods and services at given prices.
Regular Buyers
Consumers who frequently purchase goods or services from the same company or brand, showing loyalty or preference.
Demand Curve
A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period.
Elastic
A term used in economics to describe a situation where the quantity demanded or supplied of a good or service is highly responsive to changes in its price.
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