The head of Marketing has asked you to provide a MEMO about marketing a new product, a new premium meal-kit service. Subscribers are mailed kits that each contain all the ingredients that a customer would need to make a delicious meal in exactly the right proportions. All the customer needs to do is to follow the provided recipe and a fresh, home-cooked meal is ready in no time.
Marketing needs to gauge their interest in this new service and decide whether to market it nationally. Marketing has stated that 75% of the potential customers must express some desire for the service and, for those who exhibit an interest, the average cost they are willing to pay per two-meal package must be $49.00. Marketing requested a 95% certainty of your findings.

A survey of 50 potential customers yielded the attached data set for price willing to pay. Prepare a memo that includes your findings and recommendations.

In your memo, include interpretation of confidence intervals for price and proportion. Calculate the sample size to meet requirements for error of $2.00. Provide a recommendation for the marketing department and justify the recommendation with statistics. Excel data is maximum price each would be willing to pay for the meal kit.

data:

max_price

47

42

54

65

54

36

38

35

43

37

54

62

53

45

36

45

35

37

43

48

46

41

46

30

35

32

31

28

56

65

54

65

47

a paragraph describing the problem and the marketing expectations

three bullet items for displaying (i) a point estimate and the 95% confidence interval for the population proportion and its interpretations, (ii) the 95% confidence interval for the population mean and its interpretations, and (iii) the appropriate sample size, all three items should be supported by the details of equations and calculations

a final paragraph concluding whether the marketing expectations have been met or not.