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You are a brand manager and have been running general TV spots to market your product. Now, you are considering running a series of spots that specifically targets wealthy consumers. The spots will cost $2K out of your $100K advertising budget. You estimate the market potential for wealthy consumers to be $250K. You hire a marketing research firm to conduct a survey that will help you determine if wealthy consumers will respond more favorably to the spots targeted towards them than the general spots. The researcher suggests you "use an alpha level = .05."
Explain in managerial terms what is meant by "use an alpha level = .05." Do you agree with her suggestion? If so, explain why. If not, explain why and indicate the alpha level you would use instead.
After conducting the research, the researcher reports that wealthy consumers did in fact respond more favorably to the spots targeted towards them than the general spots (p = .12). Explain in managerial terms what is meant by p = .12. Given your answer to question 1a, what managerial action would you undertake?
The Bureau of the Census reports that the average commuting time for citizens of both Baltimore, Maryland, and Miami, Florida is approximately 29 minutes (uMiami=29 and uBaltimore=29 minutes).
Simulate both one-and two-teller systems, calculate waiting time, average queue length, and percentage utilization for each system.
Given the same significance level, a ________ value of t will be required to reject the null hypothesis compared to the value of z required for rejection.
20% of teenagers in a small town say they like reading news online. Suppose you randomly select 7 teenagers from the town and ask them whether or not they enjoy reading news online. Find the probability that at least 3 say they enjoy reading news ..
The NY Dept of Motor Vehicles (DMV) designs its license plates with space for 7 letters or numerals. In the most recent iteration, the DMV uses three letters followed by 4 numbers.
What does central limit theorem say about distribution of John's average payoff after 365 bets in a year?
Find an equation of the least squares regression line. Please show your work. Is there a linear correlation between "x" and "y" at the 0.01 significance level? Please justify your answer.
What is the difference between a sample and a population? When can the same information (e.g. the age of each of the ten students in our class) be considered both sample data and population data?
Construct a 95% confidence interval for the population mean.
Student record revealed that 16 out of a random sample of 64 of student with loans. It supposed that current rate is persisting across all students. Compute probability that number of students with loans will be less than 375.
Perform the appropriate test for a difference in mean blood glucose and report the p-value for the two-tailed test of significance, assuming that the variances are equal.
James Burke claims that about 70% of all single men would welcome a women taking the initiative in asking for a date. A random sample of 20 single men were asked if they would welcome a women taking the initiative in asking for a date.
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