Using a sample of 200 customers, you conducted this research and the data is now ready for your an analysis. The following results were found: Sample...

Using a sample of 200 customers, you conducted

this research and the data is now ready for your an

analysis.

The following results were found:

1. Sample mean for price was $46.60 with a standard

deviation of $5.90

2. Proportion who would purchase the new product was 78%

At least 85% 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 $47.50.

Conduct hypothesis tests for price and proportion.

2. Based on this updated data and the parameters, should the new line be marketed? Explain your

answer.