Small businesses See Problem 9 63 are viewed by many as
Small businesses (See Problem 9.63) are viewed by many as the backbone of the U. S. economy. Small business owners are often described as entrepreneurs, requiring a variety of skills in order to be successful. A 2013 survey of small business owners found that 47% had a college degree beyond a bachelor’s degree. Suppose the Small Business Administration (SBA), which is a government agency that provides support to small businesses, would like to test the hypothesis that the percentage of small business owners with more than a bachelor’s degree is different than 47%. The Excel file labeled SBA. xlsx shows the college degrees of a recent sample of 100 small business owners. Using σ = 0.05, answer the following:
a. Perform a hypothesis test to determine the percentage of small business owners with more than a bachelor’s degree is different than 47%. You can use the following Excel function to count the number of small business owners with more than a bachelor’s degree in the data file:
= COUNTIF(B2: B101, “ Yes”)
b. Determine the p value for this test and interpret its meaning.
c. Verify your results using PHStat.
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