Pew Research recently did a study on American's response to the question "Do you think that business corporations make too much profit?" A random sample of 300 Americans found that 179 agreed. Use a 1% level of significance to test if the proportion of Americans who feel businesses make too much profit is greater than 50%.
1. State the necessary requirements and if they are met
2. State null and alternate hypotheses
3. Give test statistic and one of {P-value or critical value}
4. State your conclusion in real world terms.
