Work on the problems below using Excel to calculate the confidence interval related questions. Show all steps in Excel on how you arrived at your answers and include any relevant explanations within the same file. Also make sure your solution file is uploaded into blackboard in Excel format. Please note that this case assignment 2 accounts for 5% of your total course grade.
The student examines the application of statistical analysis, hypothesis testing, and regression analysis in business decision making.
The course should focus on the utilization of statistical methods as applied to business problems and operations.
A market researcher for a consumer research company wants to study the media’s viewing behavior of residents of a particular area. A random sample of 40 respondents is selected, and each respondent is instructed to keep a detailed report of time spent engaged viewing content on any screen (Smartphone, TV, Tablet etc.)
for a specific week. The results of the study are:
Content viewing per week x?= 51 hours, S = 3.5 hours.
32 respondents have at least one ultra-high definition (UHD) screen.
a.) Construct a 95% confidence interval estimate for the mean content viewing time per week in this area.
b.) Construct a 95% confidence interval estimate for the population proportion of residents who have at least one UHD screen.
Suppose that the market researcher wants to take another survey in a different location. Answer the questions:
c.) What sample size is required to be 95% confident of estimating the population mean content viewing within ±2 hours assuming that the population standard deviation is equal to 5 hours?
d.) How many respondents need to be selected to be 95% confident of being ±0.06 of the population proportion who have UHD on at least one television set if no previous estimate is available.
e.) Based on (c) and (d), how many respondents should the market researcher select if a single survey is being conducted?