Using a sample of 200 customers, you conducted this research and the data is now ready for your an analysis.
The following results were found:
1. Sample mean for price was $46.60 with a standard deviation of $5.90
2. Proportion who would purchase the new product was 78%
At least 85% of the customers must express some desire for the product. The customers who are interested in the product must be willing to pay at least $47.50.
Conduct hypothesis tests for price and proportion.
2. Based on this updated data and the parameters, should the new line be marketed? Explain your answer.