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A New Soft Drink Is Being Market Tested

question 2

Essay

A new soft drink is being market tested. A sample of 400 individuals participated in the taste test and 80 indicated they like the taste.
a.At a 5% significance level, test to determine if at least 22% of the population will like the new soft drink.
b.Determine the p-value.


Definitions:

Letter Of Revocation

A written document formally cancelling or withdrawing an offer or contract before it has been accepted or become binding.

Letter Of Acceptance

A document confirming the acceptance of an offer, thereby creating a binding contract.

Legal Liabilities

Obligations under law arising from actions or omissions that may result in the requirement to pay damages or penalties.

E-Commerce Legislation

Laws and regulations specifically designed to govern online retail and commercial transactions, consumer protection, and digital business operations.

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