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A market research firm is conducting a study to determine which of two package designs for a liquid soap product potential customers prefer, the current design (A) or a new design (B). A sample of 20 potential customers is taken. The results follow.
Use Excel to conduct the appropriate hypothesis test at = .05 to determine if the data indicate that there is a difference in preference between the two designs.
Marginal Benefit
The plus in satisfaction or usefulness someone gets by consuming an extra unit of a given product or service.
Socially Optimal
A situation in economics where resources are allocated in the most efficient way from a societal perspective.
Pigouvian Tax
A tax imposed on activities that generate negative externalities, intended to correct an undesirable or inefficient market outcome by being equal in value to the externality.
Positive External Benefits
benefits that result from a product or service's use that affect someone other than the direct buyer or seller, often leading to social gains.
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