Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In an article in the Journal of Marketing, Bayus studied the differences between early replacement buyers and late replacement buyers in making consumer durable good

image text in transcribed
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers" and "late replacement buyers" in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product's lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than 35,000 miles were classified as early replacement buyers. Consumers who traded in cars with ages of seven or more years and mileages of more than 73,000 miles were classified as late replacement buyers. Bayus compared the two groups of buyers with respect to demographic variables such as income, education, age, and so forth. He also compared the two groups with respect to the amount of search activity in the replacement purchase process. Variables compared included the number of dealers visited, the time spent gathering information, and the time spent visiting dealers. es (a) Suppose that a random sample of 791 early replacement buyers yields a mean number of dealers visited of X = 3.3, and assume that o equals 72. Calculate a 99 percent confidence interval for the population mean number of dealers visited by early replacement buyers. (Round your answers to 3 decimal places.) The 99 percent confidence interval is (b) Suppose that a random sample of 502 late replacement buyers yields a mean number of dealers visited of X = 4.7, and assume that o equals .60. Calculate a 99 percent confidence interval for the population mean number of dealers visited by late replacement buyers. (Round your answers to 3 decimal places.) The 99 percent confidence interval is

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_2

Step: 3

blur-text-image_3

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

Differential Equations A Maple™ Supplement

Authors: Robert P Gilbert, George C Hsiao, Robert J Ronkese

2nd Edition

1000402525, 9781000402520

More Books

Students also viewed these Mathematics questions