A manufacturer is developing a revolutionary refrigerator that is ten times more efficient than the current refrigerators on the market. The downside is that it will cost significantly more than normal refrigerators. Before investing to further develop the refrigerator, the company wants to be 95.00% confident that at least 35.00% of homeowners would seriously consider spending more money for a more efficient refrigerator. A market survey company did a preliminary survey of 380 homeowners. They found 110 homeowners would seriously consider buying the new refrigerator.
(H0: p ≥ 0.35)
1. What is the test statistic?
2. What is the p-value?
3. What is(are) the critical value(s)?
4. Based solely on the results of the test sample, the null hypothesis