Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

In order to regulate whether the average cost they are willing to pay must be at least $47.50

I need to determine if a new product is worth marketing. At least 85 percent of the public must express interest in the product as well as for those that do the average cost they are willing to pay must be at least $47.50.

I survey 50 potential consumers regarding their interest in the product, 34 express an interest in purchasing it. The maximum price all would be willing to pay is shown below. How must I respond to the request for information? Must the product be marketed? How large must the sample be if I want to maintain a 95 percent level of confidence as well as suffer a maximum error of $2.00 in my estimate of the highest price consumers are willing to pay?

Maximum Price

47

62

46

43

53

34

54

45

35

65

36

32

54

45

31

34

36

25

38

37

56

35

43

65

43

48

54

37

46

65

54

42

47

63

 


Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M921255

Have any Question? 


Related Questions in Statistics and Probability

Researchers want to test the effectiveness of a new pain

Researchers want to test the effectiveness of a new pain medication. Four hundred people were recruited to participate in the clinical trial. In clinical testing, 55 out of 239 people taking the medication reported pain ...

Data interpretationresearch reportyour taskwrite a report

Data Interpretation Research Report Your task: Write a report on the statistical relationship that you find between the stock price of the company that you have been assigned and the following three variables: the FTSE, ...

What tensions emerged in the southwest that threatened to

What tensions emerged in the Southwest that threatened to lead the United States into a war with Mexico? On what grounds did President James K. Polk ask Congress to declare war on Mexico?

A researcher obtained a sample of 180 participants between

A researcher obtained a sample of 180 participants between the ages of 18 and 24 and calculated the phi coefficient between whether they smoked cigarettes and whether they used marijuana (yes vs. no). Because the correla ...

List an example of each of the followinga two quantitative

List an example of each of the following: a. Two quantitative variables that are likely to have a positive linear relationship. b. Two quantitative variables that are likely to have a negative linear relationship. c. Two ...

Regarding probability which of the following isnbspcorrecta

Regarding probability, which of the following is  correct ? a. When events  A  and  B  are mutually exclusive, then  P ( A  and  B ) =  P ( A ) +  P ( B ). b. The union of events  A  and  B  consists of all outcomes in t ...

A caterer is competing for a companys business the caterer

A caterer is competing for a company's business. The caterer randomly selects a past client and submits a tasting menu consisting of all the dishes prepared for the past client. What type of sample is this? A college fac ...

It is estimated that 89 of senior citizens suffer from

It is estimated that 89% of senior citizens suffer from sleep disorders and 8% suffer from anxiety. Moreover, 5% of senior citizens suffer from both sleep disorders and anxiety. (a) Given that a senior citizen suffers fr ...

1 what can researchers do to minimize error variance2

1. What can researchers do to minimize error variance? 2. Discuss the trade-off between internal and external validity. Which is more important? Explain.

Two population meansa tomato farmer with a very large farm

Two Population Means A tomato farmer with a very large farm of approximately 2200 acres had heard about a new type of rather expensive fertilizer which would supposedly significantly increase his production. The frugal f ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen