Question

Problem 5.3 hited States is the largest exporter of medical equip regular order to evaluate the Costa Rican unit in the USA. In Costa Rica, after thei to Costa Rica, with USS57 million in a imports. Medicale is a product to Costa Rica. in year. This volume represents a 45% market share of medica of medical equipment for ER and would like to export a new Costa Rica and ofredcn potential market, they collected a random sample of 12 hospitals in Costa Rica and offered them free samples of their product for a they month. They charge a total of $450 per potential customers were willing to pay an average of 5690 per unit with a standard deviation of $49. In order to maintain enough pron r study, their international price should be above $660. Should they export their product to cos their 98% confidence level? They certainly have the support of the US Commercial Services, Should they export their product to Costa Rica using a thanks to NEI! Problem Type:_Hypothesis Test Confidence Interval Sample Size Summary Information: Problem #: Ho: Diagram: Hi Critical Value Decision Rule Test Statistic: Decision Interpretation: p-value: Decision Rule based on p-value: alue approach? Yes No Same Decision with p-v

Answer 1

5.4:

(a)

Answer:

The 93% confidence interval is ($1310.45, $1537.55).

(b)

Answer: We cannot conclude that rent is high in New York City.

(c)

Answer: 83