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Chris opened up a new credit card and credit line with U.S bank. He is paying a 15% APR on all new purchases
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Answer:
P-value is lesser in the case when n = 500.
Step-by-step explanation:
The formula for z-test statistic can be written as
here, μ = mean
σ= standard deviation, n= sample size, x= variable.
From the relation we can clearly observe that n is directly proportional to test statistic. Thus, as the value of n increases the corresponding test statistic value also increases.
We can also observe that as the test statistic's numerical value increases it is more likely to go into rejection region or in other words its P-value decreases.
Now, for first case when our n is 50 we will have a relatively low chance of accurately representing the population compared to the case when n= 500. Therefore, the P-value will be lesser in the case when n = 500.