A company that is interested in determining which of three prices to charge for its products has test marketed the product in three cities, each time using a different price for the product. The number of products sold in the first week is recorded.
In this case, the data are considered to have been collected using an experiment. Indicate whether the statement is true or false
Q. 2What are the two types of data tables used in Excel?
What will be an ideal response?
Q. 3When the variance of the mean value is smaller than the variance of individual values, ________.
A) the p-value is equal to the Significance F
B) the data set contains an outlier
C) the Adjusted R Square is equal to 1
D) the prediction interval is wider than the confidence interval
Q. 4Given that a sample of size 12 and population standard deviation of 1.8, what would be the margin of error at a 95 level of confidence?
A) 1.018
B) 0.9186
C) 12.22
D) 0.4452
Q. 5Differentiate between descriptive and prescriptive models.
What will be an ideal response?