Eugene Gates,Marketing Director of Mansfield Motors Manufacturers,Inc

question 2

Multiple Choice

Eugene Gates,Marketing Director of Mansfield Motors Manufacturers,Inc.'s Electrical Division,is leading a study to assess the relative importance of product features.An item on a survey questionnaire distributed to 100 of Mansfield's customers asked them to rate the importance of "ease of maintenance" on a scale of 1 to 10 (with 1 meaning "not important" and 10 meaning "highly important") .His staff assembled the following statistics. If Eugene concludes that the average rate of "ease of maintenance" for all customers is 7.5,he is using ________.

• A) a range estimate
• B) a statistical parameter
• C) a point estimate
• D) an interval estimate
• E) a guesstimate

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Definitions:

Price

The amount of money expected, required, or given in payment for something, reflecting its value or worth.

Marginal Revenue Product Schedule

A table or representation showing how the marginal revenue product of a factor of production varies as its quantity employed changes.

Land

In economics, land encompasses all natural resources used to produce goods and services, including not just agricultural land but also minerals, forests, and water.

Firm's Demand

The quantity of a product or service that a firm is willing and able to buy at various prices over a given period of time.