Question
Mini-Case calculations help: We should include the raw data and a clear interpretation of the data that justifies your findings. Use the raw data below
Mini-Case calculations help: We should include the raw data and a clear interpretation of the data that justifies your findings. Use the raw data below to write the findings. 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. The maximum 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? Maximum Prices See excel file- data
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 | ||
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