Answered: Question 1. A researcher wants to study…

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter12: Probability

Section12.3: Conditional Probability; Independent Events; Bayes' Theorem

Problem 81E

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Transcribed Image Text:Question 1. A researcher wants to study the effect of a price change on the sales of various brands of a certain product. Assume the market is made up of four brands - W, X, Y and Z- and the price change (decrease) for brand W is introduced immediately after time t0. Assume every respondent buys exactly one unit of the product in each period. Data on number of respondents buying each brand in each period, based on a panel, are as follows: Y W 175 25 100 25 25 Y 25 50 50 25 Note: Confine your attention only to the data presented Assume the world starts at to and stops after ti and the strategies of brands X, Y, and Z are unchanged between to and ti. c) Which brand(s) other than W exhibited the highest loyalty rate? Show your calculations. d) Which of the brands X Y, Z should be most worried about W's promotion? Show your calculations. to

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