A manufacturer of children toys claims that less than 5% of his products are defective.When 500 toys were drawn from a large production run,7% were found to be defective.
A)What is the population of interest?
B)What is the sample?
C)What is the parameter?
D)What is the statistic?
E)Does the value 5% refer to the parameter or the statistic?
F)Is the value 7% a parameter or a statistic?
G)Explain briefly how the statistic can be used to make inferences about the parameter to test the claim.
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