Answered: Read the following write up and asnwer…

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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Question

Read the following write up and asnwer the questions. Mary loves baking; she started selling home-baked cake online. She conducted a consumer market research for the marketability of home-baked cake. She received information provided by 150 respondents. The findings on the level of acceptance for home-baked cake: 75% responded “highly favorable” and only 6% responded “not favorable”. The result also revealed that 92 respondents said they would purchase her home-baked cake. c. What could be the conclusion regarding the estimated marketability (in %) of home-baked cake in the population? d. Is this an example of descriptive statistics or inferential statistics? Explain.

Expert Solution

Step 1

Introduction -

Marketability - it is defined by the international Glossary of business valuation terms as the ability to quickly convert property into cash at minimal cost . the bench mark for marketability for business valuation is the market for active , publicly traded stocks .

Descriptive statistics - it is used to summarize a large amount of data in a precise way so that it describes the whole data . Usually descriptive statistics is used to understand what has happened using historical data .

Inferential statistics - Inferential statistics are often used to compare the differences between the treatment groups . Inferential statistics use measurements from the sample of subjects in the experiment to compare the treatment groups and make generalizations about the larger population of subjects .