According to The Economist, the current office vacancy rate in San Jose, California, is 21%.14 An economist knows that this British publication likes to disparage America and suspects that The Economist is overestimating the office vacancy rate in San Jose.
Suppose that this economist looks at a random sample of 250 office building properties in San Jose and finds that 12 are vacant. Using α = 0.05, conduct the appropriate hypothesis test and state your conclusion. What is the p-value?