After a financial analysis, the general manager of a large company decided that if at least 8% of potential buyers of a new product purchase that product, the company will show a profit. In a preliminary survey of 500 potential buyers, 56 people say that they will buy the product. Is there sufficient evidence at the 5% significance level that the product will produce a profit?   IDENTIFY TEST STATISTIC. POPULATION (ONE, TWO OR MULTIPLE) STATE NULL AND ALTERNATE HYPOTHESIS. EXPLAIN THE GRAPH AND WHETHER IT IS (LEFT, RIGHT TAIL OR BOTH). WHAT TYPE OF DISTRIBUTION. LEFT CRITICAL VALUE AND RIGHT CRITICAL VALUE (IF APPLICABLE) CALCULATED TYPE + VALUE P-VALUE (IF APPLICABLE)

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2-Proportion Test

In a 2-proportion test, two separate proportions are measured at the same time, and their similarity is evaluated. It is also known as a 2-proportion z-test, and a comparison of two different proportions is done in this method.