Confidence interval and t test for mean market share.
Always get overwhelmed by the amount of material when covered at a comprehensive level. Attached is the study material of what to be prepared to cover at the conclusion of this course. I have worked through them but get stumped at several points. Can you provide a systematic approach to these problems and provide a reference to refer to make sure my solutions are accurate. It would helpful if you can explain why you did what you did, as this is just a helpful of study and questions may appear differently at the actual conclusion of the course.
You are in charge of selling advertising for radio station KGSM. The fee you can set for air time is directly related to the share of the listening market your station reaches. From time to time you should conduct surveys to determine KGSM’s share of the market. This month you contacted 20 randomly selected residential phone numbers, 12 respondents said they listen to KGSM.
Refer to table 7A on the Handout for MegaStat output.
What is the 99% confidence interval for the percentage of listeners of KGSM. Interpret this confidence interval.
A KGSM salesperson tells potential advertisers that KGSM has a 10% share. What would you tell this salesperson? (Is the salesperson correct? Why?)