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SCENARIO 10-13
The amount of time required to reach a customer service representative has a huge impact on customer satisfaction.Below is the Excel output from a study to see whether there is evidence of a difference in the mean amounts of time required to reach a customer service representative between two hotels.Assume that the population variances in the amount of time for the two hotels are not equal.
t-Test: Two-Sample Assuming Unequal Variances
Two-Sample Tests 10-41
-Referring to Scenario 10-13,what is the smallest level of significance at which the null hypothesis will still not be rejected?
Rule of Thumb
A general principle that provides practical instructions for accomplishing or approaching a certain task.
Reservation Price
The maximum price a buyer is willing to pay for a good or service, beyond which the buyer will forego the purchase.
Bundling
Bundling refers to the marketing strategy where multiple products or services are sold as a single combined package, often at a discounted price compared to buying each item individually.
Sales Revenue
The total amount of money generated by the sale of goods or services before any costs are subtracted.
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