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A local newspaper claims that 60% or more of the items advertised in its classified advertisement section are sold within 1 week of the first...

This question was answered on Apr 24, 2010. View the Answer
A local newspaper claims that 60% or more of the items advertised in its classified advertisement section are sold within 1 week of the first appearance of the ad. To check the validity of the claim, the newspaper randomly selected n = 25 advertisements from last years classified advertisements and contacted the people who placed the ads. They found that 14 of the 25 items sold within a week. Suppose that based on this evidence the newspaper infers that less than 60% of the items are sold within 1 week. Find the probability of the type I error, then state your conclusion in words of the problem at a level of significance of 0.07.

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This question was asked on Apr 21, 2010 and answered on Apr 24, 2010.

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