Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question: Using your CardioGoodFitness sample dataset, is the overall average income for ALL CardioGood Fitness customers greater than $50,000? Use alpha = 0.05 to answer

 Question: Using your CardioGoodFitness sample dataset, is the overall average income for ALL CardioGood Fitness customers greater than $50,000? Use alpha = 0.05 to answer this question. Extra Background info :  

CardioGood Fitness is a developer of high-quality cardiovascular exercise equipment.Its products include treadmills, fitness bikes, elliptical machines, and e-glides. CardioGood Fitness looks to increase the sales of its treadmill products and has hired the AdRight Agency, a small advertising firm, to found and implement an advertising program. The AdRight Agency plans to identify particular market segments that are most likely to buy their client's goods and services and then locate advertising outlets that will reach that market group. This activity includes collecting data on clients' actual sales and on the customers who make the purchases, with the goal of determining whether there is a distinct profile of the typical customer for a particular product or service.If a distinct profile emerges, efforts are made to match that profile to advertising outlets known to reflect the particular profile, thus targeting advertising directly to high-potential customers.

CardioGood Fitness sells three different lines of treadmills. The TM195 is an entry-level treadmill. It is as dependable as other models offered by CardioGood Fitness, but with fewer programs and features. It is suitable for individuals who thrive on minimal programming and the desire for simplicity to initiate their walk or hike. The TM195 sells for $1,500.

The middle-line TM498 adds to the features of the entry-level model two user programs and up to 15% elevation upgrade. The TM498 is suitable for individuals who are walkers at the transitional stage from walking to running or midlevel runners. The RM498 sells for $1,750.

The top-of-the-line TM798 is structurally larger and heavier and has more features than the other models. Its unique features include a bright blue backlit LCD console, quick speed and incline keys, a wireless heart rate monitor with telemetric chest strap, remote speed and incline controls, and an anatomical figure that specifies which muscles are minimally and maximally activated. This model features a nonfolding platform base that is designed to handle rigorous, frequent running; the TM798 is therefore appealing to someone who is a power walker or a runner. The selling price is $2,500.

As a first step, the market research team at AdRight is assigned the task of identifying the profile of the typical customer for each treadmill product offered by CardioGood Fitness. The market research team decides to collect data on individuals who purchased a treadmill at a CardioGood Fitness retail store during the prior three months.

The team decides to use both business transactional data and the results of a personal profile survey that every purchaser completes as their sources of data. The team identifies the following customer variables to collect and use for this study:product purchased - TM195, TM498, or TM798; gender; age, in years; education, in years; relationship status, single or partnered; annual household income in dollars; the number of times the customer plan to use the treadmill each week, the number of miles the customer expects to walk/run each week; and self-rated fitness value on a 1 to 5 scale, where 1 is poor shape and 5 is excellent shape.

With this background information in mind, senior management at CardioGood Fitness has asked the AdRight Agency to answer the following five questions

DATA:

Product Age Gender Education Marital Status Usage Fitness Income Miles
TM195 18 Male 14 Single 3 4 29562 112
TM195 19 Male 15 Single 2 3 31836 75
TM195 19 Female 14 Partnered 4 3 30699 66
TM195 19 Male 12 Single 3 3 32973 85
TM195 20 Male 13 Partnered 4 2 35247 47
TM195 20 Female 14 Partnered 3 3 32973 66
TM195 21 Female 14 Partnered 3 3 35247 75
TM195 21 Male 13 Single 3 3 32973 85
TM195 21 Male 15 Single 5 4 35247 141
TM195 21 Female 15 Partnered 2 3 37521 85
TM195 22 Male 14 Single 3 3 36384 85
TM195 22 Female 14 Partnered 3 2 35247 66
TM195 22 Female 16 Single 4 3 36384 75
TM195 22 Female 14 Single 3 3 35247 75
TM195 23 Male 16 Partnered 3 1 38658 47
TM195 23 Male 16 Partnered 3 3 40932 75
TM195 23 Female 14 Single 2 3 34110 103
TM195 23 Male 16 Partnered 4 3 39795 94
TM195 23 Female 16 Single 4 3 38658 113
TM195 23 Female 15 Partnered 2 2 34110 38
TM195 23 Male 14 Single 4 3 38658 113
TM195 23 Male 16 Single 4 3 40932 94
TM195 24 Female 16 Single 4 3 42069 94
TM195 24 Female 16 Partnered 5 5 44343 188
TM195 24 Male 14 Single 2 3 45480 113
TM195 24 Male 13 Partnered 3 2 42069 47
TM195 24 Female 16 Single 4 3 46617 75
TM195 25 Female 14 Partnered 3 3 48891 75
TM195 25 Male 14 Partnered 2 3 45480 56
TM195 25 Female 14 Partnered 2 2 53439 47
TM195 25 Female 14 Partnered 3 3 39795 85
TM195 25 Male 16 Single 3 4 40932 113
TM195 25 Female 16 Partnered 2 2 40932 47
TM195 25 Male 16 Single 3 3 43206 85
TM195 26 Female 14 Partnered 3 4 44343 113
TM195 26 Female 16 Partnered 4 3 52302 113
TM195 26 Male 16 Partnered 2 2 53439 47
TM195 26 Male 16 Partnered 3 3 51165 85
TM195 26 Female 16 Single 3 3 36384 66
TM195 26 Male 16 Partnered 4 4 44343 132
TM195 26 Male 16 Single 3 3 50028 85
TM195 27 Female 14 Partnered 3 2 45480 66
TM195 27 Male 16 Single 4 3 54576 85
TM195 27 Female 14 Partnered 2 3 45480 56
TM195 28 Female 14 Partnered 2 3 46617 56
TM195 28 Female 16 Partnered 2 3 52302 66
TM195 28 Male 14 Single 3 3 52302 103
TM195 28 Female 14 Partnered 3 3 54576 94
TM195 28 Male 14 Single 4 3 54576 113
TM195 28 Female 16 Partnered 3 3 51165 56
TM195 29 Male 18 Partnered 3 3 68220 85
TM195 29 Female 14 Partnered 2 2 46617 38
TM195 29 Female 16 Partnered 4 3 50028 94
TM195 30 Male 14 Partnered 4 4 46617 141
TM195 30 Male 14 Single 3 3 54576 85
TM195 31 Male 14 Partnered 2 2 54576 47
TM195 31 Female 14 Single 2 2 45480 47
TM195 32 Female 14 Single 3 4 46617 113
TM195 32 Male 14 Partnered 4 3 52302 85
TM195 33 Female 16 Single 2 2 55713 38
TM195 33 Female 16 Partnered 3 3 46617 85
TM195 34 Male 16 Single 4 5 51165 169
TM195 34 Female 16 Single 2 2 52302 66
TM195 35 Male 16 Partnered 4 3 48891 85
TM195 35 Female 16 Partnered 3 3 60261 94
TM195 35 Female 18 Single 3 3 67083 85
TM195 36 Male 12 Single 4 3 44343 94
TM195 37 Female 16 Partnered 3 3 37521 85
TM195 38 Male 16 Partnered 3 3 46617 75
TM195 38 Female 14 Partnered 2 3 54576 56
TM195 38 Male 14 Single 2 3 52302 56
TM195 38 Male 16 Partnered 3 3 56850 75
TM195 39 Male 16 Partnered 4 4 59124 132
TM195 40 Male 16 Partnered 3 3 61398 66
TM195 41 Male 16 Partnered 4 3 54576 103
TM195 43 Male 16 Partnered 3 3 53439 66
TM195 44 Female 16 Single 3 4 57987 75
TM195 46 Female 16 Partnered 3 2 60261 47
TM195 47 Male 16 Partnered 4 3 56850 94
TM195 50 Female 16 Partnered 3 3 64809 66
TM498 19 Male 14 Single 3 3 31836 64
TM498 20 Male 14 Single 2 3 32973 53
TM498 20 Female 14 Partnered 3 3 34110 106
TM498 20 Male 14 Single 3 3 38658 95
TM498 21 Female 14 Partnered 5 4 34110 212
TM498 21 Male 16 Partnered 2 2 34110 42
TM498 21 Male 12 Partnered 2 2 32973 53
TM498 23 Male 14 Partnered 3 3 36384 95
TM498 23 Male 14 Partnered 3 3 38658 85
TM498 23 Female 16 Single 3 3 45480 95
TM498 23 Male 16 Partnered 4 3 45480 127
TM498 23 Female 16 Partnered 3 2 43206 74
TM498 23 Female 14 Single 3 2 40932 53
TM498 23 Male 16 Partnered 3 3 45480 64
TM498 24 Female 14 Single 3 2 40932 85
TM498 24 Male 14 Single 3 4 48891 106
TM498 24 Female 16 Single 3 3 50028 106
TM498 25 Female 14 Partnered 2 3 45480 85
TM498 25 Female 14 Single 3 4 43206 127
TM498 25 Male 16 Partnered 2 2 52302 42
TM498 25 Female 14 Partnered 5 3 47754 106
TM498 25 Male 14 Single 3 3 45480 95
TM498 25 Female 14 Single 2 3 43206 64
TM498 25 Male 14 Partnered 4 3 45480 170
TM498 25 Male 14 Partnered 3 4 43206 106
TM498 25 Male 16 Partnered 2 3 50028 53
TM498 25 Female 14 Single 2 2 45480 42
TM498 25 Male 14 Single 4 3 48891 127
TM498 26 Female 16 Partnered 4 3 45480 85
TM498 26 Female 16 Single 4 4 50028 127
TM498 26 Male 16 Single 4 3 51165 106
TM498 27 Male 14 Single 4 2 45480 53
TM498 29 Female 14 Partnered 3 3 51165 95
TM498 30 Female 14 Single 3 3 57987 74
TM498 30 Female 13 Single 4 3 46617 106
TM498 31 Male 16 Partnered 3 3 52302 95
TM498 31 Female 16 Partnered 2 3 51165 64
TM498 31 Female 18 Single 2 1 65220 21
TM498 32 Male 16 Single 4 3 60261 127
TM498 32 Male 16 Partnered 3 3 53439 95
TM498 33 Male 13 Partnered 4 4 53439 170
TM498 33 Female 16 Partnered 2 3 50028 85
TM498 33 Male 16 Partnered 3 3 51165 95
TM498 33 Female 16 Partnered 5 3 53439 95
TM498 33 Female 18 Single 3 4 47754 74
TM498 34 Female 16 Partnered 4 3 64809 95
TM498 34 Male 16 Partnered 3 4 59124 85
TM498 34 Male 15 Single 3 3 67083 85
TM498 35 Female 14 Partnered 3 2 52302 53
TM498 35 Male 16 Partnered 3 2 53439 53
TM498 35 Female 16 Single 3 2 50028 64
TM498 35 Male 16 Partnered 3 3 53439 95
TM498 37 Female 16 Partnered 2 3 48891 85
TM498 38 Female 16 Partnered 4 3 62535 85
TM498 38 Male 16 Partnered 3 3 59124 106
TM498 40 Female 16 Partnered 3 3 61398 85
TM498 40 Female 16 Single 3 3 57987 85
TM498 40 Male 16 Partnered 3 3 64809 95
TM498 45 Male 16 Partnered 2 2 54576 42
TM498 48 Male 16 Partnered 2 3 57987 64
TM798 22 Male 14 Single 4 3 48658 106
TM798 22 Male 16 Single 3 5 54781 120
TM798 22 Male 18 Single 4 5 48556 200
TM798 23 Male 16 Single 4 5 58516 140
TM798 23 Female 18 Single 5 4 53536 100
TM798 23 Male 16 Single 4 5 48556 100
TM798 24 Male 16 Single 4 5 61006 100
TM798 24 Male 18 Partnered 4 5 57271 80
TM798 24 Female 16 Single 5 5 52291 200
TM798 24 Male 16 Single 5 5 49801 160
TM798 25 Male 16 Partnered 4 5 49801 120
TM798 25 Male 16 Partnered 4 4 62251 160
TM798 25 Female 18 Partnered 5 5 61006 200
TM798 25 Male 18 Partnered 4 3 64741 100
TM798 25 Male 18 Partnered 6 4 70966 180
TM798 25 Male 18 Partnered 6 5 75946 240
TM798 25 Male 20 Partnered 4 5 74701 170
TM798 26 Female 21 Single 4 3 69721 100
TM798 26 Male 16 Partnered 5 4 64741 180
TM798 27 Male 16 Partnered 4 5 83416 160
TM798 27 Male 18 Single 4 3 88396 100
TM798 27 Male 21 Partnered 4 4 90886 100
TM798 28 Female 18 Partnered 6 5 92131 180
TM798 28 Male 18 Partnered 7 5 77191 180
TM798 28 Male 18 Single 6 5 88396 150
TM798 29 Male 18 Single 5 5 52290 180
TM798 29 Male 14 Partnered 7 5 85906 300
TM798 30 Female 16 Partnered 6 5 90886 280
TM798 30 Male 18 Partnered 5 4 103336 160
TM798 30 Male 18 Partnered 5 5 99601 150
TM798 31 Male 16 Partnered 6 5 89641 260
TM798 33 Female 18 Partnered 4 5 95866 200
TM798 34 Male 16 Single 5 5 92131 150
TM798 35 Male 16 Partnered 4 5 92131 360
TM798 38 Male 18 Partnered 5 5 104581 150
TM798 40 Male 21 Single 6 5 83416 200
TM798 42 Male 18 Single 5 4 89641 200
TM798 45 Male 16 Single 5 5 90886 160
TM798 47 Male 18 Partnered 4 5 104581 120
TM798 48 Male 18 Partnered 4 5 95508 180

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

Monthly Problem Gems

Authors: Hongwei Chen

1st Edition

1000402282, 9781000402285

More Books

Students also viewed these Mathematics questions