Location, Location, Location The 2013 Profile of International Home Buying Activity reported the percentage of total foreign purchases of U.S. homes by country of origin. Although buyers from China, India, and Mexico accounted for a large portion of all foreign purchases, Canadians purchased approximately twice as many homes as the second largest group of foreign purchasers, the Chinese.62 In 2014, a random sample of 347 foreign purchases was obtained, and 63 were purchased by Canadians.
a. Is there any evidence to suggest that the proportion of foreign purchases of U.S. homes by Canadians has decreased from the 2013 proportion (0.23)? Use a = 0.05.
b. Compute the p value associated with this test.
c. Carefully sketch a graph that shows the critical value from part (a) and the p value from part (b).