We Are Interested in Comparing the Average Supermarket Prices of Two

question 81

Short Answer

We are interested in comparing the average supermarket prices of two leading colas. Our sample was taken by randomly selecting eight supermarkets and recording the price of a six-pack of each brand of cola at each supermarket. The data are shown in the following table: $\begin{array}{c}\text { Price }\\\begin{array}{c|cc|c}\text { Supermarket } & \text { Brand 1 } & \text { Brand 2 } & \text { Difference } \\\hline 1 & \$ 2.25 & \$ 2.30 & \$-0.05 \\2 & 2.47 & 2.45 & 0.02 \\3 & 2.38 & 2.44 & -0.06 \\4 & 2.27 & 2.29 & -0.02 \\5 & 2.15 & 2.25 & -0.10 \\6 & 2.25 & 2.25 & 0.00 \\7 & 2.36 & 2.42 & -0.06 \\8 & 2.37 & 2.40 & -0.03 \\\hline & \mathrm{x}_{1}=2.3125 & \mathrm{x}_{2}=2.3500 & \mathrm{~d}=-0.0375 \\& \mathrm{~s}_{1}=0.1007 & \mathrm{~s}_{2}=0.0859 & \mathrm{~s} \mathrm{~d}=0.0381\end{array}\end{array}$

Find a $98 \%$ confidence interval for the difference in mean price of brand 1 and brand 2 .
A) $0.0375 \pm 0.0404$
B) $0.0375 \pm 0.1393$
C) $0.0375 \pm 0.0471$
D) $0.0375 \pm 0.0347$

• A) \(0.0375 \pm 0.0404\)
• B) \(0.0375 \pm 0.1393\)
• C) \(0.0375 \pm 0.0471\)
• D) \(0.0375 \pm 0.0347\)

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Definitions:

Product Attributes

The characteristics or features of a product, such as quality, design, and brand, that define it and contribute to its appeal.

Target Market

A particular group of consumers identified as the recipients of a marketing campaign or the primary audience for a product or service.

Marketing Synergies

The combined efforts in marketing that produce a greater effect than the sum of their individual effects, often resulting from collaboration or the integration of strategies.

Product Synergies

The combined effect that occurs when products complement each other, enhancing the overall value to the consumer when used together.