Question: Although your product, a word game, has a list price of $12.95, each store is free to set the price as it wishes. You have
.png)
a. Estimate the mean selling price you would have found had you been able to survey all stores selling your product.
b. For a typical store, approximately how different is the actual selling price from the average?
c. Find the 95% confidence interval for the mean selling price for all stores selling your product.
d. Your marketing department believes that games generally sell at a mean discount of 12% from the list price. Identify the hypotheses you would work with to test the population mean selling price against this belief.
e. Test the hypotheses from part d.
$12.95, 9.95, 8.95, 12.95, 12.95, 9.95, 9.95, 9.98, 13.00, 9.95
Step by Step Solution
3.34 Rating (175 Votes )
There are 3 Steps involved in it
a X 11058 b Sx 166756 c The 95 confidence interval extends from 987 to 1225 ... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
636-M-S-H-T (3335).docx
120 KBs Word File
