Caption: Mark has stated that at least 75% of the potential customers must express somedesire for the service and, for those who exhibit an interest, the average cost they are willing topay per two-meal package must be at least $49.00. Mieke insists that you be 95% certain ofyour findings.

Mark: Because this is a relatively new service on the market, we need some additional insight into how Princess Select would fit into our customers' lives and what they'd be willing to pay fora service like this. We conducted a survey of 50 potential customers. Can you prepare a memothat includes your findings and recommendations?

In your memo, you should include the raw data and a clear interpretation of the data that

justifies your findings. Use the raw data below to write your memo. Since you only have sample data, you decide to determine confidence intervals.

Of the 50 potential consumers surveyed, 33 expressed an interest in purchasing it. Themaximum price each would be willing to pay is shown in the table below.

Using the data, answer the following questions:

1. How would you reply to the Mieke's request for information?

2. Should the service be marketed?

3. How large should the sample be if you want to maintain a 95% level of confidence and

suffer a maximum error of $2.00 in your estimate of the highest price consumers are willing to pay?

Here are the 33 responses:

47 62 46 42 53 30 54 45 35 65 36 32 54 45 31 36 35 28 38 37 56 35 43 65 43 48 54 37 46 65 54 41 47