A random sample of 15 families representing three social classes has been observed for the frequency with which the parents administer physical punishment to the children over a period of a week. Are the differences significant? Use the five step model as a guide and write a sentence or two of interpretation for your results.
Definitions:
Nonlinear Optimization Model
A mathematical model that seeks to minimize or maximize an objective function whose relationships are not linear.
Projected Revenue
An estimate of the amount of money that an organization anticipates earning over a specific period in the future.
Solver
A feature in software, such as Microsoft Excel, that performs optimization, finding the best solution to a problem given constraints.
Price/Demand Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, often used to understand the sensitivity of consumers to price changes.
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