Question

a candy bar manufacturer is interested in trying to estimated in trying to estimate how sales are influenced by the pice

Answer 1

First of all he has to consider the sample from that candy when the price was low . And after selecting a random sample of and sales on different dates then he should take average sales of candy on that period.

Now if the manufacturer increased the price of the sales for few days then after taking the average of candy sold in increased price period . He has to compare the two means or average sales of candy in two situation when price was low and from now when price is increased.and after that he may apply statistical test like t test if sample is small like less than 30 and z - test if sample is large and check the result at given level of significance and conclude whether there is effect on sales of candy by the price or not.