Problem 2. A marketing company wants to determine if a new product will sell better on the east coast or west coast. Fifty individuals on each coast are randomly selected to test the new product. The following table shows the results of the market test: Estimated Market Share with New Product East Coast 18% (i.e., 9 of 50 strongly in favor) West Coast 26% (i.e., 13 of 50 strongly in favor) a. The company will first market the product in the area which shows the most potential for high sales. Are the market shares of the 2 coasts significantly different at a significance level of a = 0.05? b. The company feels that the new market share must be at least 15% if the product is to be successful. Test each sample to see if they exceed this level at a significance level of a = 0.05.
Problem 2. A marketing company wants to determine if a new product will sell better on the east coast or west coast. Fifty individuals on each coast are randomly selected to test the new product. The following table shows the results of the market test: Estimated Market Share with New Product East Coast 18% (i.e., 9 of 50 strongly in favor) West Coast 26% (i.e., 13 of 50 strongly in favor) a. The company will first market the product in the area which shows the most potential for high sales. Are the market shares of the 2 coasts significantly different at a significance level of a = 0.05? b. The company feels that the new market share must be at least 15% if the product is to be successful. Test each sample to see if they exceed this level at a significance level of a = 0.05.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:Problem 2. A marketing company wants to determine if a new product will
sell better on the east coast or west coast. Fifty individuals on each coast are
randomly selected to test the new product. The following table shows the results of
the market test:
Estimated Market Share with New Product
18% (i.e., 9 of 50 strongly in favor)
26% (i.e., 13 of 50 strongly in favor)
a. The company will first market the product in the area which shows the most
potential for high sales. Are the market shares of the 2 coasts significantly different
East Coast
West Coast
at a significance level of a = 0.05?
b. The company feels that the new market share must be at least 15% if the product
is to be successful. Test each sample to see if they exceed this level at a significance
level of a = 0.05.
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