In an introductory marketing class students were presented with 6 items they could bid on in an auction. They were asked to bid privately and also estimate the “typical” bid for each item by their classmates. The items were randomly selected from a large list of items that students might purchase. An initial analysis of the data established the plausibility that the distribution of differences (estimated – actual) is approximately normal. Good Actual Estimated Difference Teddy Bear 1.00 4.90 3.90 Music CD 1.25 4.53 3.28 Red Velvet Sachet 2.70 5.44 2.74 Soma Wooden Puzzle 3.00 5.17 2.17 8 oz Smoked Salmon 3.00 6.67 3.67 1 lb Jelly Bellies 4.00 7.30 3.30 Construct a 95% confidence interval for the mean difference between the actual bid and the estimated “typical” bid for the population of items. Estimation: Method: Q:____________________________ S:____________________________ T:____________________________ N:____________________________ Check: Calculate: Communicate:
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
In an introductory marketing class students were presented with 6 items they could bid on in an auction.
They were asked to bid privately and also estimate the “typical” bid for each item by their classmates. The
items were randomly selected from a large list of items that students might purchase. An initial analysis of
the data established the plausibility that the distribution of differences (estimated – actual) is
approximately normal.
Good Actual Estimated Difference
Teddy Bear 1.00 4.90 3.90
Music CD 1.25 4.53 3.28
Red Velvet Sachet 2.70 5.44 2.74
Soma Wooden Puzzle 3.00 5.17 2.17
8 oz Smoked Salmon 3.00 6.67 3.67
1 lb Jelly Bellies 4.00 7.30 3.30
Construct a 95% confidence interval for the
“typical” bid for the population of items.
Estimation:
Method:
Q:____________________________ S:____________________________
T:____________________________ N:____________________________
Check:
Calculate:
Communicate:
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