A new brand of chocolate bar is being market tested. Four hundred of the new cho

Question

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 3. their responses below. Response Liked Disliked Frequeney 300 200 500 What is the point estimate for the proportion of people who liked the chocolate bar? a. Construct a 96% confidence interval for the true proportion of people who liked the chocolate bar. b. d. What is your conclusion?

Explanation / Answer

a) point estimate for people who liked chocolate p =x/n =300/500 =0.6

b)

d)( please revert for part c)

we can conlcude of having 96% confidence  that population proportion of people who liked choclate is between 0.555 and 0.6450.

sample size n                    = 500 sample proportion     p x/n= 0.6000 std error       =Se            =(p*(1-p)/n) = 0.0219 for 96 % CI value of z= 2.0537 margin of error E=z*std error                            = 0.0450 lower confidence bound=sample proportion-margin of error 0.5550 Upper confidence bound=sample proportion+margin of error 0.6450

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