2. [15pts] Kellogg conducted a conjoint analysis for the design of a new breakfast cereal. The attributes and attribute levels include: cereal material (corn flakes vs. rice flakes vs. multi-grain), flake size (small vs. large), and texture (crispy vs. soft). The conjoint analysis produced the following part-worth results: Attributed Levela Part-wortha -valuea Cereal materiala corn flakesa 0.280 2.870 rice-flakeso 0,130 1.980 multi-graing 0.410 3.750 Flake sizea small 0.210 2.010 largea 0.210 2.010 Texturea crispya 0.450 3.240 softa 0.45a 3.24a Based on the conjoint output above, answer the following questions: (1) What is the total utility of a breakfast cereal that is made of large, crispy, rice flakes? (2) Assume there are three kinds of cereal in the market, Cereal A (rice flakes, large flake size, crispy), Cereal B (corn flakes, small flake size, soft), and Cereal C (multi-grain flakes, small flake size, crispy). Apply the multinomial logit model to forecast the market share of each cereal. Show how you derived the result. Hint: the market share for product option i, which has a utility of u in a market of n products, is as follows: Share =- (3) Calculate the relative importance of the three attributes. Show how you derived the result. Hint: the relative importance of attribute / (/MP;) when there is a total of m attributes is as follows, where R; is the difference between the highest and lowest part-worth of attribute j: Rj IMPER1 + R2 + + Rm