A New Brand of Chocolate Bar Is Being Market Tested

question 123

Short Answer

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 3% or less?

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Definitions:

RSquare Value

A statistical measure that represents the proportion of the variance for a dependent variable that's explained by an independent variable(s) in a regression model.

Regression Equation

A mathematical formula used to predict a variable based on its relationship with one or more other variables.

Variation

Differences or changes in the condition, amount, or level of something, typically within a set or series of items.

Correlation

A statistical measure that indicates the extent to which two or more variables fluctuate together.