Jade, a market researcher with At Bjor Dor Bi-2MoroPharmacyService was trying to find the proportion of its customers who would shop at their store again. If they want to be within 5 percentage points of the population proportion, how many former customers would they need to survey, given a confidence level of 96%? (p-hat is unknown.)
a.Jade, a market researcher with At Bjor Dor Bi-2MoroPharmacyService was trying to find the proportion of its customers who would shop at their store again. If they want to be within 5 percentage points of the population proportion, how many former customers would they need to survey, given a confidence level of 96%? (p-hat is unknown.)
b. Diego, Kat, and Isabelco-creators of La Kyi Quiadasclaim that their Acai Facial Blend will keep a woman's skin supple and healthy-looking for at least 65 days. Valerie, a consumer advocate, tested 15 bottles of the Acai Facial Blendand found a
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Confidence interval:
It is defined as the range which contains the value of true population parameter. The confidence interval is constructed for various population parameters like population mean, population standard deviation and so on.
The confidence interval can be interpreted as : With a stated level of confidence, it can be said that the true population parameter for which confidence interval is constructed lies with the obtained confidence interval.
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