The Next Questions Are Based on the Following Information

question 6

Essay

The Next Questions Are Based On The Following Information:
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.
-Test the null hypothesis with the alternative hypothesis,H₁ : P > 0.41,at α = 0.05

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Definitions:

Craigslist

An online platform that provides classified advertisements for a wide range of services, products, and job listings.

Overstock Quantity

Excess inventory that exceeds the demand, often resulting in decreased cash flow, increased storage costs, and potential waste.

Optimal Quantity

Optimal quantity is the most efficient amount of goods or resources needed to minimize costs and maximize value or profitability.

Wholesale Price

Wholesale Price is the cost of goods sold in large quantities for the purpose of resale by retailers, often lower than the retail price to allow for margins.