Conduct hypothesis tests for price and proportion

Reference no: EM132465202

Caption: As you prepared your memo about the new "Princess Select" line, you discovered that the sample size that you were provided was insufficiently small. Using a larger sample of 200 customers, you conducted this research and the data is now ready for your analysis.The following results were found: 1.Sample mean for price was $49.20 with a standard deviation of $4.60 2.Proportion who would purchase the new product was 62%.

Mieke: You have the new data already? Great. So, like I said previously, at least 75% of the customers must express some desire for the product. The customers who are interested in the product must be willing to pay at least $49.00.

How do you, do the following? I'm having a hard time understanding the below.

1. Conduct hypothesis tests for price and proportion.

2. Based on this updated data and Mieke's parameters, should the new line be marketed? What's the reasoning here?

Reference no: EM132465202

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