A market research consultant hired by a leading softdrink companywants to determine the proportion of consumers who favor itslow-calorie drink over the leading competitor's low-calorie drinkin a particular urban location. A random sample of 250 consumersfrom the market under investigation is provided in the fileP08_18.xlsx.
a. Find a 95% confidence interval for the proportion of all consumers in this market who prefer this company's drinkover the competitor's. What does this confidence interval tell us?
b. Does the confidence interval in part a support the claim made byone of the company's marketing managers that more than half of theconsumers in this urban location favor its drink over thecompetitor's? Explain your answer.
c. Comment on the sample sizeused in this study. Specifically, is the sample unnecessarilylarge? Is it too small? Explain your reasoning.