Question
In: Statistics and Probability
Mike and his advertisement team have created an advertisement plan for a new flavor of soda....
Mike and his advertisement team have created an advertisement plan for a new flavor of soda. Right now, approximately 16% of soda drinkers are purchasing this flavor. Mike needs to show his bosses that his advertisement plan will increase the percentage of soda drinkers purchasing this flavor. If Mike's Advertising team succeeds in increasing the percentage of customers that prefer this flavor,then the company will increase supply and make more of the soda to meet demand. If not,then the company will keep the supply as it currently is. After the advertising changes,Mike Takes Random Sample Of Customers To Determine If The percentage of soda drinkers that like the new flavor has increased. (They are currently using a 5% significance level). ??0: p=0.16 (The company will not increase production of the flavor of soda.) ????: p>0.16(The company needs to increase production of the new flavor of soda to meet the increased demand.) a) Write a description of a type 1 error and possible consequences of that error in the context of the problem. b) Write a description of a type 2 error and possible consequences of that error in the context of the problem. c) Would you recommend any changes to the significance level sample size based on what you know about the type 1 and type 2 errors in this problem? Explain
Solutions
orchestra answered 1 year agoRelated Solutions
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