Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pe means U > Tools Suppose you are a television network executive interested in how a new pilot show, Statistics, will be received by the

image text in transcribed
pe means U > Tools Suppose you are a television network executive interested in how a new pilot show, Statistics, will be received by the general US television.Viewing population. You hire several market research firms, each recruits a random sample of television viewers and asks them to watch the pilot of Statistics Each firm then gathers 25 respondents and asks each of them. On a scale of 1 to 10, where 1 means you'll never watch Statisties again, and 10 means you expect to never miss an episode of Statistics, how do you rate Statistics? Assume that if you asked every member of the general US television viewing population about the plot, the mean response would be 6.5 with a standard deviation of 1.5. Each market research firm reports the mean rating of its random sample. Assume each market research firm recruits a different sample, and that you hired exactly enough market research firme such that all possible samples of 25 US television viewers were sampled and their mean ratings reported om Which of the following are true about the sampling distribution of the mean ratings reported to you by the market research firms? Check all that apply. The mean of the distribution of mean ratings a 1.30. The central limit theorem suggests that the shape of this distribution of mean ratings is approximately normal, The standard error of the mean ratings is 0.30, The shape of the distribution of mean ratings depends on how many respondents each market research company recruits. nto If you were really a television network executive, you would not hire multiple market research firms to each recruit a different sample of respondente Instead, you would likely hire only one market research firm. If this is the case, why should you care about the theoretical distribution of mean ratings of multiple samples if you are only going to hire one from and get one sample and one mean from that sample? You need to know the theoretical atribution of posible values of the sample maan ratings to know whether the market research Arm recruited the right sample To draw conclusions about the population mean using a sample mean, you need to know the theoretical distribution of the possible values the sample mean ratings could have You should not care about the possible distribution of mean ratings. You should only care about the mean and perhaps the highest and lowest ratings

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

Horngrens Financial & Managerial Accounting, The Financial Chapters

Authors: Tracie Miller Nobles, Brenda Mattison

7th Edition

0136505279, 9780136505273

More Books

Students also viewed these Accounting questions

Question

What does a person include in his/her application?

Answered: 1 week ago