Some Data Were Collected About Consumer Loyalty Towards a (Relatively)

question 14

Multiple Choice

Some data were collected about consumer loyalty towards a (relatively) new brand of toilet roll - 'Wipe-It' (using a scale from 1 = I'd never go back to 10 = I will always purchase this brand) . The sample was 15,467 people. When looking at the distribution, a skew of 1.23 (SE = 0.65) was identified. The mean rating was 4.78. What is the z-score for the skew in this data?

• A) 1.89
• B) 0.53
• C) -3.92
• D) 3.36

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good demanded by consumers.

Perfectly Inelastic

A market condition where the quantity demanded or supplied does not change regardless of a price change.

Midpoint Method

A technique used to calculate the percentage change between two values, offering a more precise method than simple percentage calculations.

Price 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 demand in relation to price changes.