Statement of a problem № m954


The Consumer Confidence Survey is a monthly review that measures consumer confidence in the U.S. economy. It is based on a typical sample of 5,000 U.S. households. Last month 9.1% of consumers said conditions were “good.” In the prior month, only 8.5% said they were “good.” Use the six-step hypothesis-testing method at the .05 level of significance to see whether you can determine if there is an increase in the share asserting conditions are “good.” Find the p-value and explain what it means.

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