Reference no: EM132845768

You discovered that the sample size that you were initially 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.

Using this information, complete the following: (1). Conduct hypothesis tests for price and proportion. (2). Based on this updated data and Mieke's parameters, should the new line be marketed? Explain your solution

Kindly show me the steps to allow me follow through my practice