Union Contract Narrative a Union Composed of Several Thousand Employees Is Preparing to Is

question 74

Short Answer

Union Contract Narrative
A union composed of several thousand employees is preparing to vote on a new contract. A random sample of 500 employees yielded 320 who planned to vote yes. It is believed that the new contract will receive more than 60% yes votes.
-Refer to Union Contract Narrative. Compute the p-value for the test.

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Definitions:

Fair Value

An estimate of the price at which an asset or liability would trade in a fair transaction between willing parties.

Useful Life

The estimated period over which an asset is expected to be useful in the operations of a business.