In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers" and "late replacementbuyers" in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a productduring the early part of its lifetime, while late replacement buyers make replacement purchases late in the product's lifetime. Inparticular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years andmileages of no more than 35,000 miles were classified as early replacement buyers. Consumers who traded in cars with ages ofseven or more years and mileages of more than 73,000 miles were classified as late replacement buyers. Bayus compared the twogroups of buyers with respect to demographic variables such as income, education, age, and so forth. He also compared the twogroups with respect to the amount of search activity in the replacement purchase process. Variables compared included the number ofdealers visited, the time spent gathering information, and the time spent visiting dealers. Regard the sample of 500 late replacementbuyers for which o = .71. How large a sample of late replacement buyers is needed to make us (Round up your answers to the nextwhole number.):(a) 99 percent confident that, the sample mean number of dealers visited, is within a margin of error of .04 of µ, the population mean number of dealers visited?nbuyers(b) 99.73 percent confident thatis within a margin of error of .05 of u?nbuyers

a). Given: σ=0.71E=margin of error=0.04 We know for 99% confidence level, the z-score is 2.58. The…

ne early part of its lifetime, while late replaCement buyers make replacement purchases late in the products Iifetime. In ar, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and s of no more than 35,000 miles were classified as early replacement buyers. Consumers who traded in cars with ages of r more years and mileages of more than 73,000 miles were classified as late replacement buyers. Bayus compared the two of buyers with respect to demographic variables such as income, education, age, and so forth. He also compared the two with respect to the amount of search activity in the replacement purchase process. Variables compared included the number of visited, the time spent gathering information, and the time spent visiting dealers. Regard the sample of 500 late replacement Ffor which o = .71. How large a sample of late replacement buyers is needed to make us (Round up your answers to the next umber.): ercent confident that mple mean number of dealers visited, is within a margin of error of .04 of u, the population mean number of dealers visited? buyers

ne early part of its lifetime, while late replaCement buyers make replacement purchases late in the products Iifetime. In ar, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and s of no more than 35,000 miles were classified as early replacement buyers. Consumers who traded in cars with ages of r more years and mileages of more than 73,000 miles were classified as late replacement buyers. Bayus compared the two of buyers with respect to demographic variables such as income, education, age, and so forth. He also compared the two with respect to the amount of search activity in the replacement purchase process. Variables compared included the number of visited, the time spent gathering information, and the time spent visiting dealers. Regard the sample of 500 late replacement Ffor which o = .71. How large a sample of late replacement buyers is needed to make us (Round up your answers to the next umber.): ercent confident that mple mean number of dealers visited, is within a margin of error of .04 of u, the population mean number of dealers visited? buyers

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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