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Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich
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Is Starbucks coffee overpriced? The Minneapolis Star

Chapter 6, Problem 47E

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QUESTION:

Problem 47E

Is Starbucks coffee overpriced? The Minneapolis Star Tribune (August 12, 2008) reported that 73% of Americans say that Starbucks coffee is overpriced. The source of this information was a national telephone survey of 1,000 American adults conducted by Rasmussen Reports.

a. Identify the population of interest in this study.

b. Identify the sample for the study.

c. Identify the parameter of interest in the study.

d. Find and interpret a 95% confidence interval for the parameter of interest.

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QUESTION:

Problem 47E

Is Starbucks coffee overpriced? The Minneapolis Star Tribune (August 12, 2008) reported that 73% of Americans say that Starbucks coffee is overpriced. The source of this information was a national telephone survey of 1,000 American adults conducted by Rasmussen Reports.

a. Identify the population of interest in this study.

b. Identify the sample for the study.

c. Identify the parameter of interest in the study.

d. Find and interpret a 95% confidence interval for the parameter of interest.

ANSWER:

Solution:

Step 1 of 3:

A national telephone survey of 1,000 American adults conducted by Rasmussen Reports reported that 73% of Americans says that starbucks coffee is overpriced.

  1. We have to identify the population of interest in this study.
  2. We have to identify the sample for the study.
  3. We have to identify the parameter of interest in the study.
  4. We have to find and interpret a 95% confidence interval for the parameter of interest.

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