Q1. A peanut butter manufacturing company develops two flavors of peanut butter, Flavor A and Flavor B. To examine the consumers' preference for Flavor A versus Flavor B, the market research department randomly selects 12 consumers and does taste preference for Flavor A versus Flavor B by providing both flavors to each of the selected consumer. The department records the taste ratings for Flavor A and Flavor B on a scale of 1 thru 50 for each of the 12 consumers it selected. The taste ratings for Flavor A and Flavor B are available in Excel file, Taste Ratings, posted on Blackboard. Conduct a proper hypothesis test to find evidence if Flavor A is preferred more compared to Flavor B in terms of taste ratings. Follow the 7-step format to answer the question. You are allowed to use PHStat4 for this question. Copy/Paste the output from PHStat4. Use 90% confidence level. Assume that the taste ratings are normally distributed.

QUESTION 22 When it comes to people's tastes, what do economists generally believe? a. Tastes are based on forces beyond the realm of economics. O b. Tastes don't change. C. Tastes are based on historical and psychological forces. O d. Tastes do not directly affect demand. QUESTION 23 If the average annual growth rate of a developing country is 7.2 percent, real GDP will double in O a. 10 years Ob. 14.4 years O c. 2 years O d. 15 years O e. 7.2 years QUESTION 24There is concern about the percentage of soft drink consumers who favor Pepsi over Coke. Let p denote the proportion of soft drink consumers who favor Pepsi over Coke. The hypothesis Ho: p 0.5 versus Ha: p # 0.5 is to be tested at level 0.10 based on a blind taste test with 100 randomly selected soft drink consumers. The taste test results are: 58 favor Pepsi over Coke, 42 do not favor Pepsi over Coke. What decision is reached at level 0.10? O a) Retain Ho b) Reject Ho