Confidence interval for proportion of new product

Assignment Help Business Management

Reference no: EM131021417

The sales manager for an automobile parts wholesaler finds that 229 of the previous 500 calls to the automobile parts store owners resulted in new product placements.

a. Assuming that the 500 calls represent a random sample, find a 90% confidence interval for the proportion of new product placements for all automobile parts stores.

b. Give a careful verbal interpretation of the confidence interval found in part (a).

Reference no: EM131021417

Questions Cloud

Estimate the proportion of p registered voters : If 230 of the 1,500 responded that they would favor drilling for oil in national parks, estimate the proportion of π registered voters who would favor drilling for oil in national parks. Use a 95% confidence interval.

Is there an economically efficient amount of crime : A few years ago, Governor Deval Patrick of Massachusetts proposed that criminals would have to pay a "safety fee" to the government. The size of the fee would be based on the seriousness of the crime (that is, the fee would be larger for more ser..

Conducting a statistical test of research : Would it be appropriate to use a normal approximation in conducting a statistical test of the research hypothesis that over half of persons suffering from chronic pain are over 50 years of age?

What does finklestein mean by the mortality effect : What does Finklestein mean by the "mortality effect"? Why would the mortality effect of obesity being smaller than the mortality effect of smoking result in obesity having a larger external cost?

Confidence interval for proportion of new product : Assuming that the 500 calls represent a random sample, find a 90% confidence interval for the proportion of new product placements for all automobile parts stores.

Probability of finding a spider : After a two-week period, she returns to the traps and finds no spiders. Estimate the probability of finding a spider in this region using a 95% confidence interval.

Measure of perception of business leaders : To obtain a measure of the perception of business leaders about the change in the business friendly climate in Texas, the advocacy group randomly selected 150 CEOs and asked them if this new tax would have a major influence on whether they would c..

Determine the financial and socio-economic viabilities : Proposal A envisages generation of electricity from water - a hydro-electric project. The capital cost of this project is estimated to be $6 billion (bn).

Percentage points of proportion for whole campus : How many students would need to be included in a random sample of students if you want to be 95% confident that your sample estimator is within 2 percentage points of the proportion for the whole campus? Calculate the sample size under each of the..

User Account

All Pages