Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Eii. b) Suppose that a nationwide manufacturing company that mslaom builds stainless steel tool cribs has engaged a marketing consultant to conduct a national opinion
Eii. b) Suppose that a nationwide manufacturing company that mslaom builds stainless steel tool cribs has engaged a marketing consultant to conduct a national opinion survey to determine the percent of the population who favor the manufacturing company's custom builds stainless steel too! cribs over their oompetitor's \"off the shelf" standard tool cribs. The marketing consultant will conduct a random survey of public opinion for $1.65 per interview. How mom will the survey cost the manufacturing company if the marketing rm insists that 95% of the time the margin of error be less than 5%? Also, assume that the manufacturing company's percent market share of the population is unknown as a oonservative measure. Suppose that a random sample is being drawn from the population of executives known to have a mean age of so with a standard deviation of 3 years. The population is normally distributed. What is the probability that a randme selected executive will be over 35 years of age? What is the probability, in a sample of 365 executives, that the mean age will wooed 35 years
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started