Harpers Index reported that 80% of all supermarket prices end in the digit 9 or 5. Suppose

Question:

Harper’s Index reported that 80% of all supermarket prices end in the digit 9 or 5. Suppose you check a random sample of 115 items in a supermarket and find that 88 have prices that end in 9 or 5. Does this indicate that less than 80% of the prices in the store end in the digits 9 or 5? Use α = 0.05.
Please provide the following information:
(a) What is the level of significance? State the null and alternate hypotheses.
(b) What sampling will you use? Do you think the sample size is sufficiently large? Explain. Compute the value of the sample test statistic.
(c) Find the P-value of the test statistic. Sketch the sampling and show the area corresponding to the P-value.
(d) Based on your answers in parts (a)–(c), will you reject or fail to reject the null hypothesis? Are the data statistically significant at level α?
(e) Interpret your conclusion in the context of the application.
Distribution
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