STAT. TECH. IN BUSINESS + ECON LOOSELEAF
18th Edition
ISBN: 9781264261765
Author: Lind
Publisher: MCG
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Chapter 1, Problem 1SR
a.
To determine
Explain whether the given situation is an example of descriptive or
a.
Expert Solution
Answer to Problem 1SR
The given situation is an example of inferential statistics.
Explanation of Solution
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, so that a conclusion can be formed about the population of consumers.
Thus, the given situation is an example of inferential statistics.
b.
To determine
Identify what can be reported regarding the acceptance of the new chicken dinner.
b.
Expert Solution
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.
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Chapter 1 Solutions
STAT. TECH. IN BUSINESS + ECON LOOSELEAF
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