A Company Is Willing to Renew Its Publishing Contract with a Popular

question 22

Essay

A company is willing to renew its publishing contract with a popular statistics book author only if he can prove that his book can sell to more than 22% of the entire statistics market.The publishing company contacts 5000 statistics professors at random and only 1050 professors were interested in the book.Should the company renew the contract? Test an appropriate hypothesis using α = 0.01 and state your conclusion.Be sure the appropriate assumptions and conditions are satisfied before you proceed.

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Definitions:

Abnormal Behavior

Actions, thoughts, or emotions that deviate significantly from the norm within a culture or society, potentially interfering with personal function.

DSM-IV

The Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition, a guideline published by the American Psychiatric Association that classifies and defines mental disorders.

Clinical Disorders

Clinical disorders refer to patterns of behavioral, psychological, or biological dysfunctions that are associated with distress or impaired functioning.

DSM-IV

The fourth edition of the Diagnostic and Statistical Manual of Mental Disorders, a standardized classification manual used by mental health professionals to diagnose mental disorders.