Using p-value approach-interpret the value of p-value

Reference no: EM1387839

Wall street journal suggested that age bias was a growing problem in corporate world. in 2001 an estimated 78% of CEOs believed that age bias was a problem. In 2004 82% surveyed considered it a serious problem. The sample size for 2004 was not disclosed. Suppose 50 CEOs were surveyed.

A) At the 0.05 level of significance, use the six step critical value approach to hypothesis testing to try and prove that the 2004 proportion has increased.

B) Use the 5 step p-value approach. Interpret the meaning of the p value.

C) Suppose the sample size was 1000 and redo A and B.

D) Discuss the effects that sample size had on the outcome on this and in general when testing hypotheses.

Reference no: EM1387839

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