BUS1BAN Research Project-Price and Estimated Average
How does the demand (price-quantity relationship) of international students differ from that of domestic students in your sample Compare the distribution of beverage preferences for domestic and international students. What are the most and least popular beverages for students in each group Does price influence choice of beverage for domestic students more than for international students.
Suppose, you randomly selected a student from the 2015 BUS1BAN class.How likely is it that the student will be a domestic student and how likely is it that the student will be an international student Provide interval estimates and interpret your results.How likely is it that the student will choose soft drink (Pepsi, Coke etc.) as their first preference Provide interval estimates and interpret your results.What is the probability that the student will choose tea/coffee as their second preference if he/she selected soft drink (Peps, Coke etc.) as the first preference? Provide interval estimates and interpret your results.
Answer:
| 4. Beverage Preference: Rank the beverages in preference order (assuming they all have the same price). 1= first preference, 2=second preference, 3=third preference, 4=fourth preference, 5= last preference. | ||||
| Soft drinks (Coke/Pepsi etc.) | Fruit Juice | Tea /coffee | Energy drinks | Other (water, milk drinks etc.) |
| 2 | 3 | 4 | 1 | 5 |
| 1 | 2 | 3 | 4 | 5 |
| 3 | 2 | 4 | 1 | 5 |
| 2 | 4 | 1 | 3 | 5 |
| 4 | 3 | 1 | 2 | 5 |
| 4 | 2 | 1 | 3 | 5 |
| 2 | 3 | 4 | 1 | 5 |
| 2 | 3 | 4 | 1 | 5 |
| 1 | 3 | 2 | 4 | 5 |
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