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Author Question: Coming up with a product design that will have the highest utility for a sufficient number of people ... (Read 68 times)

luvbio

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on: Jun 24, 2018
Coming up with a product design that will have the highest utility for a sufficient number of people to ensure sufficient sales to justify making the product is known as the ___________ in marketing literature.
 a. capital budgeting problem
  b. share of choice problem
  c. fixed-cost problem
  d. traveling-salesman problem

Question 2

What is the difference between the standardized normal distribution (used for tests with z) and the t distribution?


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vickybb89

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Reply #1 on: Jun 24, 2018
Answer to Question 1

b
RATIONALE: Coming up with a product design that will have the highest utility for a sufficient number of people to ensure sufficient sales to justify making the product is known as the share of choice problem in marketing literature.

Answer to Question 2

The t distribution is used when the population standard deviation is unknown and the sample size is small. And the t- test statistic is calculated using n 1 degrees of freedom.
RATIONALE: The t-distribution and the normal approximation arise only for small sample sizes.
In that case, the t-distribution is used which adjust for additional error due to the fact that the population standard deviation is unknown.


luvbio

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Reply 2 on: Jun 24, 2018
:D TYSM

tranoy

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Reply 3 on: Yesterday
Wow, this really help

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