Basic Business Statistics, Student Value Edition
14th Edition
ISBN: 9780134685113
Author: Mark L. Berenson, David M. Levine, David F. Stephan, Kathryn Szabat
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 17, Problem 8PS
Undergraduate students at Miami University in Oxford, Ohio, were surveyed in order to evaluate the effect of price on the purchase of a pizza Hut. The students were asked to suppose that they were going to have a large two-topping delivered to their residence. Then they were asked to select from either Pizza Hut or another pizzeria of their choice. The price they would have to pay to get a Pizza Hut pizza differed from survey to survey. For example, some surveys used the price
a. Using half the data as the training sample and the other half of the data as the validation sample, develop a classification tree model to predict the
b. What conclusions can you reach about the probability the student will select Pizza Hut?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Undergraduate students at Miami University in Oxford, Ohio, were surveyed in order to evaluate the effect of gender and price on purchasing a pizza fromPizza Hut.Students were told to suppose that they were planning to have a largetwo-topping pizza delivered to their residence that evening. The students had to decide between ordering from Pizza Hut at a reduced price of $8.49 (the regular price for a large two-topping pizza from the Oxford Pizza Hut at the time was$11.49) and ordering a pizza from a different pizzeria. The results from this question are summarized in the accompanying contingency table. 12 EOC
P value and interpret?Identify the test statistic
The UNOH good works society is planning an annual fundraising "Eat-a-Thon". The society will
charge students 75¢ per serving of pasta. The only expenses they will incur are the cost of the
pasta, estimated at 25¢ per serving, and the $325 cost of renting the facility for the
evening. Perform a Break-Even analysis. How many servings of pasta would they need to sell
to make money for the fundraiser?
Select one:
O a. They would need to sell 651 servings of pasta.
b. They would need to sell 851 servings of pasta.
O c. They would need to sell 451 servings of pasta.
o d. They would need to sell 551 servings of pasta.
O e. They would need to sell 615 servings of pasta.
The UNOH good works society is planning an annual fundraising "Eat-a-Thon". The society will
charge students 75¢ per serving of pasta. The only expenses they will incur are the cost of the
pasta, estimated at 25¢ per serving, and the $325 cost of renting the facility for the
evening. Perform a Break-Even analysis. How many servings of pasta would they need to sell
to make money for the fundraiser?
Select one:
O a. They would ne
to sell 651 servings of pasta.
o b. They would need to sell 851 servings of pasta.
O . They would need to sell 451 servings of pasta.
o d. They would need to sell 551 servings of pasta.
O e. They would need to sell 615 servings of pasta.
Chapter 17 Solutions
Basic Business Statistics, Student Value Edition
Ch. 17 - The business problem facing a consumer products...Ch. 17 - Prob. 2PSCh. 17 - Prob. 3PSCh. 17 - The owner of a moving company typically has his...Ch. 17 - A hotel has designed a new system for room service...Ch. 17 - A marketing manager wants to predict customers...Ch. 17 - An automotive insurance company wants to predict...Ch. 17 - Undergraduate students at Miami University in...Ch. 17 - Prob. 9PSCh. 17 - The file Cereals contains the calories,...
Ch. 17 - The file Protein contain calorie and cholesterol...Ch. 17 - Prob. 12PSCh. 17 - The file MobileSpeed contains the overall download...Ch. 17 - Prob. 14PSCh. 17 - Prob. 15PSCh. 17 - Prob. 16PSCh. 17 - Prob. 17PSCh. 17 - Prob. 18PSCh. 17 - Prob. 19PSCh. 17 - Prob. 20PSCh. 17 - Prob. 21PSCh. 17 - Prob. 22PSCh. 17 - What is the difference between supervised and...Ch. 17 - Prob. 24PSCh. 17 - Prob. 25PSCh. 17 - How does cluster analysis differ from...Ch. 17 - Prob. 27PSCh. 17 - Prob. 28PSCh. 17 - The file FTMBA contains a sample of top-ranked...Ch. 17 - Prob. 30PSCh. 17 - Prob. 31PSCh. 17 - Prob. 32PSCh. 17 - Prob. 33PSCh. 17 - Prob. 34PSCh. 17 - Prob. 35PSCh. 17 - In recent years, the share of Greek yogurts in the...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Sarah and Andrew were comparing the prices of their favorite energy bar. Eight grocery stores sell the PR energy bar for the following prices: $1.09 $1.29 $1.29 $1.35 $1.39 $1.49 $1.59 $1.79 Sarah claims the average price of the candy bar is $1.37 but Andrew disagreed and said the average price of the energy bar is actually $1.41. How did Sarah and Andrew come up with these prices? Based on their calculations, who do you think is correct and why?arrow_forwardA school superintendent wanted to know whether there were differences between the high schools in her district with regards to the proportion of students who do not live with their biological parents. She surveyed 200 students from each of the two high schools – East and West. The proportion of students from the survey at East who do not live with their biological parents is 3.4%. The proportion of students from the survey at East who do not live with their biological parents is 4.2%. Using a 95% confidence interval (2SD or Theory based), can the superintendent conclude that there is a difference between East and West with respect to the proportion of students who do not live with their biological parents. Group of answer choices Yes she can conclude there is a difference because the confidence intervals overlap. No she cannot conclude there is a difference because the confidence intervals overlap. Yes she can conclude there is a difference because the confidence intervals don’t…arrow_forwardA survey of a random sample in an amusement park showed an average expenditure of $10.30 for the evening. The average expenditure for the 20 girls in the sample was $9.70 and for the boys it was $11.10. How many boys are there in the random sample?arrow_forward
- The UNOH good works society is planning an annual fundraising "Eat-a-Thon". The society will charge students 75¢ per serving of pasta. The only expenses they will incur are the cost of the pasta, estimated at 25¢ per serving, and the $325 cost of renting the facility for the evening. Perform a Break-Even analysis. How many servings of pasta would they need to sell to make money for the fundraiser?arrow_forwardA study investigated whether price affects people's judgment. Twenty people each tasted six cabernet sauvignon wines and rated how they liked them on a scale of 1 to 6. Prior to tasting each wine, participants were told the price of the wine. Of the six wines tasted, two were actually the same wine, but for one tasting the participant was told that the wine cost $10 per bottle and for the other tasting the participant was told that the wine cost $90 per bottle. The participants were randomly assigned either to taste the $90 wine first and the $10 wine second, or the $10 wine first and the $90 wine second. Differences were calculated by subtracting the rating for the tasting in which the participant thought the wine cost $10 from the rating for the tasting in which the participant thought the wine cost $90. Difference ($90 3 4 $10) 2 1 USE SALT 0 3 0 2 1 3 3 1 4 1 2 Find the test statistic. (Round your answer to two decimal places.) t = 2 1 -1 Carry out a hypothesis test to determine if…arrow_forwardA study investigated whether price affects people's judgment. Twenty people each tasted six cabernet sauvignon wines and rated how they liked them on a scale of 1 to 6. Prior to tasting each wine, participants were told the price of the wine. Of the six wines tasted, two were actually the same wine, but for one tasting the participant was told that the wine cost $10 per bottle and for the other tasting the participant was told that the wine cost $90 per bottle. The participants were randomly assigned either to taste the $90 wine first and the $10 wine second, or the $10 wine first and the $90 wine second. Differences were calculated by subtracting the rating for the tasting in which the participant thought the wine cost $10 from the rating for the tasting in which the participant thought the wine cost $90. Difference ($90 - $10) 1 0 21 4 3 1 3 3 4 1 2 2 -2 In USE SALT Carry out a hypothesis test to determine if the mean rating assigned to the wine when the cost is described as $90 is…arrow_forward
- If four out of every seventeen students prefer to write with pens over pencils, what proportion of students prefer pens to pencils?arrow_forwardTwenty percent of anthropology majors were offered a starting salary greater than .arrow_forwardThe Census Bureau website gives several choices for "average income" in its historical income data. In 2017, the median income of American households was $68,145. The mean household income was $93,453. The median income of families was $75,938, and the mean family income was $100,400. The Census Bureau says, "Households consist of all people who occupy a housing unit. The term 'family' refers to a group of two or more people related by birth, marriage, or adoption who reside together." Explain carefully why mean incomes are higher than median incomes and why family incomes are higher than household incomes.arrow_forward
- Assume that 30% of city employees in Carson City ride the bus to work. Answer the following question:The percentage of city employees who ride the bus to work is 10 percentage points higher in Freetown than in Carson City.What is the percentage of city employees that ride the bus to work in Freetown?arrow_forwardThe CEO of a coffee chain wants to determine whether people's income (measured on a ratio scale) predicts their coffee preferences. She also wants to test whether people's attitude towards vegan food (measured on a 7-point Likert scale ranging from 1 = do not like at all, 7 = like a lot) influences this relationship. Thus, she wants to test whether coffee preferences depends on income and attitudes towards vegan food. Which test would she run to analyze the data? paired-sample t-test Multiple regression Simple regression Simple correlation two-sample t-test One-way ANOVAarrow_forwardThe CEO of a coffee chain wants to determine whether people's income (measured on a ratio scale) predicts their coffee preferences. She also wants to test whether people's attitude towards vegan food (measured on a 7-point Likert scale ranging from 1 = do not like at all, 7 = like a lot) influences this relationship. Thus, she wants to test whether coffee preferences depends on income and attitudes towards vegan food. Which test would she run to analyze the data?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Algebra: Structure And Method, Book 1AlgebraISBN:9780395977224Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. ColePublisher:McDougal Littell
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Algebra: Structure And Method, Book 1
Algebra
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:McDougal Littell
what is Research Design, Research Design Types, and Research Design Methods; Author: Educational Hub;https://www.youtube.com/watch?v=LpmGSioXxdo;License: Standard YouTube License, CC-BY