SOLUTION: A manufacturer of children's toys claim that less than 3% of his products are defect. When 500 toys were drawn from a large production run 5% were found to be defective. Identify t

Question 1178881: A manufacturer of children's toys claim that less than 3% of his products are defect. When 500 toys were drawn from a large production run 5% were found to be defective. Identify the parameter and statistic
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
The parameter is the true proportion of toys produced by the manufacturer that are defective. That is unknown, although the claim is that it is 3%.
The statistic is the value of the proportion of toys that were defective, and that is 5%.
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