Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with ther below question! QUESTION 1 10 points SaveAnswer A soorink company Is considering a style change to its current can, which

I need help with ther below question!

image text in transcribed
QUESTION 1 10 points SaveAnswer A soorink company Is considering a style change to its current can, which has been the company's trademark for many years. To determine whether this new style is more popular with consumers than the traditional style. the company runs a number of focus group sessions around the country. At each ofthese sessions, randomly selected consumers are asked to examine the new and tradl Ional styles. exhange ideas. and offer their opinions.Each participant completes a form where they are asked to rate (on a scale of 1 =strong|y dislike to 7=strongiy like) both the traditional style and the new style. The data for one such focus group. presumed to represent a random sample from the population. are contained In two worksheets of the le named "Hnai Examination 2021.):isx": "CoiaTraditIonai" and \"ColaNew\". The ColaTraditional worksheet contains the iD and rating ofthe traditional style for each member of the focus group. The ColaNew worksheet contains the ID and rating of the new style for each member ofthe focus group. The rst row of each worksheet contains the column labels. The individuals do not appear in the same order in the two worksheets; the ID for any given focus group participant is the same in the two worksheets. Using these data: 1. What is the null hypothesis {in words)? .What is the alternative hypothesis (in words)? .What statistical test are you using to test the hypothesis? (Be specic: a generic reference will not receive credit) . Does this problem call for a directional test ora nondi'recti'onoi test? Why? .What is your best estimate ofthe mean difference (New-Traditional) in ratings ofthe two styles (accurate to two places to the right of the decimal point)? Gluiwa .What is the value of tstat? ~.i .What is the number of degrees of freedom for this statistical test? (provide a numerical value) 8. What is the value of thit against which you would compare tstat? (provide a single numerical value) 9. Based on these data. can you be 95% confident that the new stule is more popular with consumers than the traditional style in the population? {Yes or No) Justijyyour answer. 10. Using the exactformuia (NOT the approximate formula) provided in class. what are the lower and upper bounds of a 95% confidence interval for the average difference (New , Traditional) in ratings? (Provide values accurate to two places to the right ofthe decimal point.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Introduction to the Mathematics of financial Derivatives

Authors: Salih N. Neftci

2nd Edition

978-0125153928, 9780080478647, 125153929, 978-0123846822

More Books

Students also viewed these Mathematics questions