Question
7. (10 Points) There are five elements of inferential statistical problems: (1) Identify the population of interest (2) Identify one or more variables that
7. (10 Points) There are five elements of inferential statistical problems: (1) Identify the population of interest (2) Identify one or more variables that are to be investigated (3) Sample population units (4) Make Inference about the population based on the sample (5) Give a measure of reliability for the inference Company C has produced and sold A on Tmall.com for two years. C is planning to produce B as one improved version of A, so you could consider A and B are very similar with respect to sales data. How should C determine the monthly quantity of producing B guaranteeing the expected profit of B better than expected profit of A? (Hint: try to write your formula for expected profit)
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