Math

StatisticsQ&A Library(7 parts). ise intention is an important metric for new producIS. When aa hew product is developed, a sample of potential buyers is shown a prototype or detailed description of the product and asked about their likelihood of buying it. While people may overestimate their likelihood of purchasing a new product, purchase intention has proven to an effective predictor of new product success. With that in mind, a skin care products company provided a random sample of 500 potential customers with a new formulation of moisturizing cream. After using the cream, participants were interviewed and asked about their intention to purchase it. From the sample of 500, 269 esponded that they intend to purchase the new product. a. Compute the sample proportion, p, that intend to purchase the new product. b. If purchase intention over 50% is a predictor of success for the new product, develop the appropriate hypothesis test to determine whether the sample provides strong evidence that the new product will be successful. Specifically, state the null hypothesis, the alternative hypothesis, and compute the test statistic. Is this a one- tailed test to the left, a one-tailed test to the right, or a two-tailed test? c. What is the p-value for the test statistic computed in (b)? Write the Excel function you used to determine this p-value, including the inputs that you entered in the Excel function (do not give cell references; write in the actual numbers).Start your trial now! First week only $4.99!*arrow_forward*

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How to do this with excel functions.

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