Project #20387 - statistics HW help

Hi

Currently I am studying to take a test and there are five questions in my study guide that I do not know how to answer. Further comments:

·         The information on each questions is all the information I have.

·         Unfortunately my statistics teacher did not use a textbook.

·         In answering each question because I am using the question - answers to help me study, please provide all the equations used - needed for each question.

·         Please solve each question step by step (comments would be nice but not required). Please do not skip a step and if you must please comment and explain.

·         I am not getting any points for my study guide and this information is only for my personal use in order to understand the questions.

·         Answer Format: It does not matter as long as it is legible

  • Please look at attachment for more infomation 

 

 

Problem 1

 

You have drawn the following data from the market:

fi

4

8

19

9

6

4

4

7

18

9

7

5

w.t.p.i

52

55

61

67

70

72

88

92

101

120

125

140

 

Problem 1 questions

1.       Look at the data and describe the discretion of the sample.

2.       Have your claims regarding the accuracy been achieved? Please calculate and explain your answer.

3.       Which sample size would you recommend now?

 

Problem 2

Assuming that the sample error is bigger than acceptable. You are aware that your boss wishes a more accurate results to find the answer regarding a possible price – or product differentiation.

 

That is why you examine the data once again. You think that there may be a connection between the w.t.p and the potential customer groups.

 

 

w.t.p < $72,000

w.t.p > $72,000

 

Doctors

48

5

53

hospitals

4

43

47

 

52

48

100

 

1.       Do the data confirm your assumptions? Quantify your answer.

2.       Which advice would you give your boss regarding the price policy

3.       Please compute the average w.t.p of the consumer groups. Formulate two estimations (level of confidence: 95%)

4.       Which additional advice would you give your boss regarding the price policy?

5.       IN your sample 35% of the doctors said that they would buy a new scanner within two years. Estimate their proportion in the population of interest on a level of confidence of 95%.

 

Problem 3

Concerning the will willingness to pay (w.t.p) for a basic furniture configuration you have got the following data:

Hi

1

3

17

32

20

6

1

w.t.p.i

1

2

5

8

10

18

20

 

1.       Estimate the average w.t.p of the population of interest

2.       Your boss requires a stamen about the average w.t.p with a level of confidence of 95% (Z=1.96). Please calculate, formulate the answer and illustrate your calculation graphically.

 

Problem 4

For your price policy you need a quantification of the connection between the price and the sales. The data below should help you:

Price

20

18

16

14

12

10

8

6

4

3

2

1

Sales

500

600

650

670

680

690

720

740

780

800

850

1000

 

1.       Quantify the concoction

2.       The actual price is $10,000. Please calculate the change of the sales, if you increase the price by 5%.

3.       Would you recommend and increase?

4.       Illustrate the curve of demand with the actual price and amount of sales

 

Problem 5

In the sample of your research project (n=80) you had the result, the 20 respondents would prefer turquoise furniture

1.       Please estimate the real but unknown proportion of this item in the population of interest in two ways (in the second kind of estimate please make a stamen with a level of confidence of 90% -> Z = 1.65)

2.       What’s the amount of the sample error?

3.       Assume that the population proportion is 0.26. What’s the probability that the proportion of a second sample is bigger than 30% ?

4. Your boss wants to be 95% confident of estimating the population proportion to within a sampling error of +/- 0.05, what sample size is neede

Subject Mathematics
Due By (Pacific Time) 12/30/2013 07:00 am
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