A retailer expects that, in the long run, 14% of items it sells will be returned. They would like to know if this figure should be adjusted (either up or down). In a random sample of 450 items sold, 54 were returned. 

Is there enough evidence to convince the company to revise its expectation about how often items will be returned? Use α = 0.10.

Show all 7 steps of hypothesis testing to receive full credit. If using your calculator or JMP, provide a brief summary of the function and inputs you used to obtain your test statistic and p-value.

Answer rating: 100% (QA)

Let p be the proportion of items sells to be returned Sa... View the full answer