Determine If a Coin Is Fair Given Flip Results

Question: If a coin shows 550 heads out of 1000 flips, how would you determine whether it is fair? Key points: Frame as a hypothesis test - null hypothesis p=0.5 (fair coin). Compute a test statistic (e.g. z-test for a proportion: z = (p_hat - 0.5) / sqrt(0.5*0.5/n)) and compare against a significance threshold, or compute a confidence interval for p_hat and check whether 0.5 falls within it. With n=1000 and p_hat=0.55, discuss whether the deviation is statistically significant vs just noise.