Statistical Techniques in Business and Economics
16th Edition
ISBN: 9780077639723
Author: Lind
Publisher: Mcgraw-Hill Course Content Delivery
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Textbook Question
Chapter 1, Problem 1SR
The Atlanta-based advertising firm Brandon and Associates asked a sample of 1,960 consumers to try a newly developed chicken dinner by Boston Market. Of the 1,960 sampled, 1,176 said they would purchase the dinner if it is marketed.
- (a) What could Brandon and Associates report to Boston Market regarding acceptance of the chicken dinner in the population?
- (b) Is this an example of
descriptive statistics orinferential statistics ? Explain.
a.
Expert Solution
To determine
Explain about that can be reported regarding the acceptance of the new chicken dinner.
Explanation of Solution
It is given that 1,176 out of the 1,960 sampled individuals expressed the wish to purchase the new chicken dinner, if marketed. In other words, these 1,176 individuals accepted it.
The percentage of individuals, who accepted it, is calculated bellow:
Thus, it can be reported that 60% of the sampled individuals accepted the new chicken dinner. Thus, about 60% of all their consumers are likely to accept it, if marketed.
b.
Expert Solution
To determine
Explain whether the given situation is an example of descriptive or inferential statistics.
Answer to Problem 1SR
The given situation is an example of inferential statistics.
Explanation of Solution
Descriptive statistics:
Descriptive statistics are a set of statistical tools that are used to organize, summarize, and present data in a comprehensible manner.
Inferential statistics:
Inferential statistics are a set of statistical tools that are used to estimate the properties of a population, based on the characteristics of a sample from that population.
In this case, a sample of 1,960 individuals is sampled to try the newly developed chicken dinner. Thus, the conclusion can be formed about the population of consumers.
Therefore, the given situation is an example of inferential statistics.
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Students have asked these similar questions
Using the accompanying Home Market Value data and associated regression line,
Market ValueMarket Valueequals=$28,416+$37.066×Square
Feet, compute the errors associated with each observation using the formula
e Subscript ieiequals=Upper Y Subscript iYiminus−ModifyingAbove Upper Y with caret Subscript iYi
and construct a frequency distribution and histogram.
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Part 1
Construct a frequency distribution of the errors,
e Subscript iei.
(Type whole numbers.)
Error
Frequency
minus−15 comma 00015,000less than<
e Subscript iei
less than or equals≤minus−10 comma 00010,000
0
minus−10 comma 00010,000less than<
e Subscript iei
less than or equals≤minus−50005000
5
minus−50005000less than<
e Subscript iei
less than or equals≤0
21
0less than<
e Subscript iei
less than or equals≤50005000
9…
The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c
Overhead Costs Billable Hours345000 3000385000 4000410000 5000462000 6000530000 7000545000 8000
Using the accompanying Home Market Value data and associated regression line,
Market ValueMarket Valueequals=$28,416plus+$37.066×Square
Feet, compute the errors associated with each observation using the formula
e Subscript ieiequals=Upper Y Subscript iYiminus−ModifyingAbove Upper Y with caret Subscript iYi
and construct a frequency distribution and histogram.
Square Feet Market Value1813 911001916 1043001842 934001814 909001836 1020002030 1085001731 877001852 960001793 893001665 884001852 1009001619 967001690 876002370 1139002373 1131001666 875002122 1161001619 946001729 863001667 871001522 833001484 798001589 814001600 871001484 825001483 787001522 877001703 942001485 820001468 881001519 882001518 885001483 765001522 844001668 909001587 810001782 912001483 812001519 1007001522 872001684 966001581 86200
Chapter 1 Solutions
Statistical Techniques in Business and Economics
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