Verifying whether population proportion is pre-determine

Reference no: EM1320928

Verifying whether a population proportion is a pre-determined value:

My mgr needs information. I need to determine if a new product is worth marketing. At least 85 percent of the public must express interest in the product and for those that do the average cost they are willing to pay must be at least $47.50.

I survey 50 potential consumers regarding their interest in the product, 34 express an interest in purchasing it. The maximum price each would be willing to pay is shown below.

How should I respond to the request for information? Should the product be marketed?

Maximum Prices
47	62	46
43	53	34
54	45	35
65	36	32
54	45	31
34	36	25
38	37	56
35	43	65
43	48	54
37	46	65
54	42	47
63

Reference no: EM1320928

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