stion 5 1 pointsSave Answ A firm is concerned about the market-share of its prod

Question

stion 5 1 pointsSave Answ A firm is concerned about the market-share of its products. In the past, about35% households used their product. Has this increased? To test this, they set up the following: HD p 0.35 To carry out the test at a significance level of 4%, an analyst took a random sample of households (sample size = 80), and found the sample proportion of households that used their product, and it was 28 out of 80. From this, the appropriate Z-stat was computed. What is the critical value for this Z-stat? (provide two decimal places)

Explanation / Answer

This is right tailed test and level of significance is 4%

Use Normal table or Excel function to find Critical value

NORMSINV(1-0.04)

= 1.75

So, answer is 1.75

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