A billing company that collects bills for doctors' offices in the area is concerned that the percentage of bills being paid by Medicare has risen. Historically, that percentage has been 31%. An examination of 8368 recent bills reveals that 32% of these bills are being paid by Medicare. Is this evidence of a change in the percent of bills being paid by Medicare?
a) Write appropriate hypotheses.
b) Check the assumptions and conditions.
c) Perform the test and find the P-value.
d) State your conclusion.
e) Do you think this difference is meaningful? Explain.