MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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In marketing, response modeling is a method for identifying customers most likely to respond to an advertisement. Suppose that in past campaigns 23.8% of customers identified as likely respondents did not respond to a nationwide direct marketing campaign. After making improvements to their model, a team of marketing analysts hoped that the proportion of customers identified as likely respondents who did not respond to a new campaign would decrease. The analysts selected a random sample of 1500 customers and found that 315 did not respond to the marketing campaign.
The marketing analysts want to use a one‑sample ?z‑test to see if the proportion of customers who did not respond to the advertising campaign, ?p, has decreased since they updated their model. They decide to use a significance level of ?=0.01α=0.01.
a)Determine the value of the ?z‑statistic. Give your answer precise to at least two decimal places.
b)Determine the P-Value for this test. Give your answer precise to at least three decimal places
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