A medical survey in 2015 indicated that 48% of Australian adults prefer to take a generic drug than pay more for a name brand equivalent. A pharmaceutical company believes that with the financial crisis, the percentage of Australian adults willing to take a cheaper generic drug may have risen. The research department conducted a study where a random sample of Australian adults were asked whether or not they would accept a cheaper generic prescription drug.

a) What type of hypothesis test would be appropriate to investigate the pharmaceutical company’s prediction?

(b) What is the population we can draw conclusions about in this study?

(c)  The appropriate hypothesis test was conducted and a  p-value of .110 was obtained. Based on the results of this study, the pharmaceutical company concludes that the percentage of Australian adults willing to take a cheaper generic prescription drug has remained the same, exactly 48%. Comment on the validity of this conclusion. Provide justification for your answer.