In an Introductory Marketing Class Students Were Presented with 6

question 17

Essay

In an introductory marketing class students were presented with 6 items they could
bid on in an auction. They were asked to bid privately and also estimate the "typical"
bid for each item by their classmates. The items were randomly selected from a large
list of items that students might purchase. An initial analysis of the data established
the plausibility that the distribution of differences (estimated - actual) is
approximately normal. Actual \& Estimated
Median Bids (\$)
for Typical Goods
$\begin{array}{|c|c|c|c|}\hline \text { Good } & \text { Actual } & \text { Estimated } & \text { Diff } \\\hline \begin{array}{c}\text { Teddy } \\\text { Bear }\end{array} & 1.00 & 4.90 & 3.9 \\ \text { Music CD } & 1.25 & 4.53 & 3.28 \\\text { Red velvet } & 2.70 & 5.44 & 2.74 \\\text { Sachet } & & & \\\begin{array}{c}\text { Soma wooden } \\\text { puzzle }\end{array} & 3.00 & 5.17 & 2.17 \\\begin{array}{c}8 \mathrm{oz} \text { smoked } \\\text { Salmon }\end{array} & 3.00 & 6.67 & 3.67 \\\begin{array}{c}\text { 1 lb Jelly } \\\text { Bellies }\end{array} & 4.00 & 7.30 & 3.3\\\hline\end{array}$

a)Construct a $95 \%$ confidence interval for the mean difference between the actual bid and the estimated "typical" bid for the population of items.


b) Do the data indicate that the mean differs for the actual and estimated "typical" bids? Provide an appropriate statistical justification using your response in part (a).

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Definitions:

Job Satisfaction

The level of contentment employees feel about their work, which can affect their performance and overall well-being.

Organizational Behavior

The study of how individuals and groups interact within an organization, focusing on ways to improve efficiency and productivity.

Cognitive Dissonance

The mental discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.

Job Satisfaction

The level of contentment employees feel towards their jobs, involving aspects like work environment, duties, and compensation.