TABLE 14-19 The Marketing Manager for a Nationally Franchised Lawn Service Company

question 277

Short Answer

TABLE 14-19
The marketing manager for a nationally franchised lawn service company would like to study the characteristics that differentiate home owners who do and do not have a lawn service. A random sample of 30 home owners located in a suburban area near a large city was selected; 15 did not have a lawn service (code 0) and 15 had a lawn service (code 1). Additional information available concerning these 30 home owners includes family income (Income, in thousands of dollars), lawn size (Lawn Size, in thousands of square feet), attitude toward outdoor recreational activities (Atitude 0 = unfavorable, 1 = favorable), number of teenagers in the household (Teenager), and age of the head of the household (Age).
The Minitab output is given below:
-Referring to Table 14-19, what is the estimated odds ratio for a 48-year-old home owner with a family income of $100,000, a lawn size of 5,000 square feet, a negative attitude toward outdoor recreation, and one teenager in the household?

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Definitions:

Fixed Costs

Expenses that remain constant for a specific period regardless of changes in the volume of production or services provided.

Budget Reports

Financial documents that compare actual financial results to the projected budget over a specific period, often used for tracking financial performance and planning.

Feedback

Information provided as a response to a particular process or activity, used to improve or modify future actions or decisions.

Actual Operations

This term might be referring to the real, day-to-day activities or processes carried out by a business or organization, but it's not a standard accounting or finance term in itself.