The correct answer would be, Primary Data.
This type of research is described by marketing professionals as the collection of Primary Data.
Explanation:
There are two types of data that is being collected and used for a research. They are as follows:
- Primary Data
- Secondary Data
Primary data is the data which is collected for the purpose for which the research is being conducted. Secondary data is the data which was collected for some other purpose but can be used in the current research as well.
So when the marketing department will collect a lot of information on what customers want while they are at the park, through surveys and direct questioning, the team of marketing department will basically be collecting the Primary data for their research in which they will come to know about the customer needs and wants directly.
Learn more about types of data at:
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Dropping prices
Increased advertising
Comparing yours to competitors
Answer:
Expected value of X = -11.09
Explanation:
Expected profit:
= Probability of winning × Amount she wins
= 0.03 × $180
= 5.4
Expected loss:
= Probability of loosing × Amount she paid
= 0.97 × $17
= 16.49
Let X be amount of money Mary wins or loses.
E(X) = Expected profit - Expected loss
= 5.4 - 16.49
= -11.09
Expected value of X = -11.09
That is expected value of loss of $11.09
