The boss wants to trial a new meal system. He wants 85% of potential customers interested in the plan. He wants them to have an average cost they are willing to pay for the meals to be 47.50 And he wants me to be 95% sure of my findings.
Of the 50 potential customers interviewed, 34 expressed an interest in purchasing it. Max prices they are willing to pay are are shown below
47, 43 54, 65,54,34,38,35,43,37,54,63, 62,53,45,36,45,36,37,43,48,46,42,46,34,35,32,31,25,56,65,54,65,47
How would you reply to the boss's request for information?
Should the service be marketed?
How large should the sample be if you want a 95 percent level of confidence and you are willing to suffer a maximum error of 2.00 dollars in your estimate of the highest price consumers are willing to pay for the meals. Please include equations and show all work.
Greatly appreciated your help with this confidence interval problem I haven't a clue where to start
This question was answered on: Dec 18, 2020
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Dec 18, 2020EXPERT
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