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Verifying whether a population proportion is a pre-determined value.

My mgr needs information. I need to settle on if a new product is worth marketing. At least 85 percent of the public must express interest in product and for those that do 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 each would be willing to pay is shown below. 
How should I take action to the request for information? Should the product be marketed?

Maximum Prices

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.:- M921116

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