Question

Mozart Lenses Inc. recently introduced Seelites, a thinner lens for eyelasses. Of a sample of 800 eyeglass wearers, 246 said they would purchases their next pair of eyeglasses with the new lenses. Lenses Inc. estimates that the number of people who purchase eyeglasses in a year is 1,700,000. Most eyeglasses wearer buy one new pair of eyeglasses a year. What is the annual sales potential for the new lenses.

Answer 1

522750

Explanation:

Given that for the new lenses which Mozart Lenses Inc. introduced is 246 out of 800

i.e. Sample proportion = no of persons who said would purchase/total people surveyed

=
`(246)/(800) =0.3075`

It can be estimated that since this is a random sample, this will give an estimate for the proportion of full lenses users for the year

TOtal people who purchase eyeglasses in a year = 1700000

Out of those, persons expected to purchsae new lenses =
`1,700,000(0.3075)\\=522,750`

Annual sales potential for new lenses = 522,750