A New Brand of Chocolate Bar Is Being Market Tested

question 83

Essay

A new brand of chocolate bar is being market tested.Four hundred of the new chocolate bars were given to consumers to try.The consumers were asked whether they liked or disliked the chocolate bar.You are given their responses below. ​
a.
What is the point estimate for the proportion of people who liked the chocolate bar?
b.
Construct a 95% confidence interval for the true proportion of people who liked the chocolate bar.
c.
With a .95 probability, how large of a sample needs to be taken to provide a margin of error of 1.5% or less?
​

---

Definitions:

Realistic Job Previews

An employment tool used to provide potential employees with a realistic view of what a job entails, including both positive and negative aspects.

Documentation

The act of creating, maintaining, and safeguarding records and documents relevant to an organization’s operations, transactions, or procedures.

Mergers And Acquisitions

The process by which companies are combined or bought out, aimed at increasing market share, diversifying, or achieving other strategic goals.

Stock Prices

The current market price of a company’s shares, reflecting the value investors place on the company, influenced by performance, economic conditions, and investor sentiment.