Answered: When you get a surprisingly low price…

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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When you get a surprisingly low price on a product do you assume that you got a really good deal or that you bought a low-quality product? Research indicates that you are more likely to associate low price and low quality if someone else makes the purchase rather than yourself (Yan & Sengupta, 2011). In a similar study, n=16 participants were asked to rate the quality of low-priced items under two scenarios: purchased by a friend or purchased yourself. The results produced a mean difference of MD=2.6 and SS=135, with self-purchases rated higher.

Is the judged quality of objects significantly different for self-purchases than for purchases made by others? Use a two-tailed test with α=.05.
Compute Cohen’s d to measure the size of the treatment effect.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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