Answer:
Quantitative Research
Explanation:
It is quantitative research because the research is using numerical variables (age, income, stage of a family life cycle) to find a numerical property that is relevant to consumer behaviour (the probability of purchasing a 3D television).
Probability is measured in numerical value and is the focus of many consumer quantitative studies.
The closest to the minimum number of consumers needed to obtain the estimate with the desired precision is (b) 271
Explanation:
When the prior estimate of population proportion is not given , then the formula to find the sample size is given by :-
where E = Margin of error.
z* = Critical z-value.
As per given , we have
E = 5%=0.05
Confidence level = 90%
The critical value of z at 90% is 1.645 (By z-table)
Put all values in the formula , we get
n=0.25(1.645/0.05)²
n=0.25(32.9)²
n=270.6025≈271
Thus, the minimum sample size needed = 271
Hence , the correct answer is 271 .
Answer:
Following is the solution for the given problem.
Explanation:
Best order size, EOQ =√2DS/H
EOQ = √2*4700*60/5
EOQ = 336 units.
D = 4700/300 = 15.66.
σ L= √∑σ²
= √3*(5)² = 8.66.
Reorder point, R = D*L+ z σ L
Reorder point, R = 15.66*3 + 1.282*8.66
Reorder point, R = 58 units.
Answer:
would leave the market first if the price were any lower.
Explanation:
Utility can be defined as any satisfaction or benefits a customer derives from the use of a product or service.
Thus, any satisfaction or benefits a customer derives from the use of a product or service is generally referred to as a utility.
In Economics, The law of diminishing marginal utility states that as the unit of a good or service consumed by an individual increases, the additional satisfaction he or she derives from consuming additional units would start decreasing or diminishing as the units of good or service consumed increases.
A marginal seller refers to an individual or business firm that is most willing to sell his or her goods and services at a price that is typically equal to their economic cost while forfeiting producer surplus.
A producer surplus is the amount a buyer is willing to pay for a good minus the cost of producing the good.
Hence, a marginal seller is the seller who would leave the market first if the price were any lower.
