Question

In: Math

In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...

In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than 35,000 miles were classified as early replacement buyers. Consumers who traded in cars with ages of seven or more years and mileages of more than 73,000 miles were classified as late replacement buyers. Bayus compared the two groups of buyers with respect to demographic variables such as income, education, age, and so forth. He also compared the two groups with respect to the amount of search activity in the replacement purchase process. Variables compared included the number of dealers visited, the time spent gathering information, and the time spent visiting dealers.

(a) Suppose that a random sample of 796 early replacement buyers yields a mean number of dealers visited of x¯x¯ = 3.1, and assume that σ equals .77. Calculate a 99 percent confidence interval for the population mean number of dealers visited by early replacement buyers. (Round your answers to 3 decimal places.)

The 99 percent confidence interval is            [, ].

(b) Suppose that a random sample of 496 late replacement buyers yields a mean number of dealers visited of x¯x¯ = 4.8, and assume that σ equals .64. Calculate a 99 percent confidence interval for the population mean number of dealers visited by late replacement buyers. (Round your answers to 3 decimal places.)

The 99 percent confidence interval is            [, ].

(c) Use the confidence intervals you computed in parts a and b to compare the mean number of dealers visited by early replacement buyers with the mean number of dealers visited by late replacement buyers. How do the means compare?

Solutions

Expert Solution



Related Solutions

In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers"...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers" and "late replacement buyers" in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product's lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers"...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers" and "late replacement buyers" in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product's lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers....
Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers. Letting μ be the mean number of dealers visited by all late replacement buyers, set up the null and alternative hypotheses needed if we wish to attempt to provide evidence that μ differs from 4 dealers. A random sample of 100 late replacement buyers yields a mean and a standard deviation of the number of dealers visited of x ¯  x¯ = 4.38 and s...
Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers....
Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers. Letting μ be the mean number of dealers visited by all late replacement buyers, set up the null and alternative hypotheses needed if we wish to attempt to provide evidence that μ differs from 4 dealers. A random sample of 100 late replacement buyers yields a mean and a standard deviation of the number of dealers visited of x¯ = 4.37 and s =...
Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers....
Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers. Letting μ be the mean number of dealers visited by all late replacement buyers, set up the null and alternative hypotheses needed if we wish to attempt to provide evidence that μ differs from 4 dealers. A random sample of 100 late replacement buyers yields a mean and a standard deviation of the number of dealers visited of x⎯⎯x¯ = 4.26 and s =...
In an article in the Journal of Management, Joseph Martocchio studied and estimated the costs of...
In an article in the Journal of Management, Joseph Martocchio studied and estimated the costs of employee absences. Based on a sample of 176 blue-collar workers, Martocchio estimated that the mean amount of paid time lost during a three-month period was 1.2 days per employee with a standard deviation of 1.1 days. Martocchio also estimated that the mean amount of unpaid time lost during a three-month period was 1.2 day per employee with a standard deviation of 1.9 days. Suppose...
In an article in the Journal of Management, Joseph Martocchio studied and estimated the costs of...
In an article in the Journal of Management, Joseph Martocchio studied and estimated the costs of employee absences. Based on a sample of 176 blue-collar workers, Martocchio estimated that the mean amount of paid time lost during a three-month period was 1.4 days per employee with a standard deviation of 1.2 days. Martocchio also estimated that the mean amount of unpaid time lost during a three-month period was 1.2 day per employee with a standard deviation of 1.6 days. Suppose...
In an article in the Journal of Management, Joseph Martocchio studied and estimated the costs of...
In an article in the Journal of Management, Joseph Martocchio studied and estimated the costs of employee absences. Assume an infinite population. The mean amount of paid time lost during a three-month period was 1.0 day per employee with a standard deviation of 1.4 days. The mean amount of unpaid time lost during a three month period was 1.2 days per employee with a standard deviation of 1.6 days. Suppose we randomly select a sample of 100 blue-collar workers. What...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT