Last year, 15% of the seniors at Louisiana Tech reported that they had already started a business that they planned to continue running after graduation. You take a simple random sample of 150 current seniors at the school and find that 18 students in the sample report that they have started a business. Does this sample result represent sufficient sample evidence to make the case that the current proportion of students who have started a business is not the same as last year? Set up an appropriate hypothesis test to test a null hypothesis that the proportion is the same. Set the significance level at 5%.
a. Show the competing hypotheses.
b. Compute the pvalue for the sample result and report your conclusion.
c. Describe what a Type I and a Type II error would be in this situation.