Direct mail advertisers send solicitations (a.k.a. junk mail) to thousands of potential customers in the hope that
Question:
a) Create a 90% confidence interval for the percentage of people the company contacts who may buy something.
b) Explain what this interval means.
c) Explain what "90% confidence" means.
d) The company must decide whether to now do a mass mailing. The mailing won't be cost-effective unless it produces at least a 5% return. What does your confidence interval suggest? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Stats Data And Models
ISBN: 662
4th Edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
Question Posted: