Define a binary variable as ecobuy = 1 if ecolbs > 0 and ecobuy = 0. in other words, ecobuy indicates whether, at the prices

Question

3 years ago

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Define a binary variable as ecobuy = 1 if ecolbs > 0 and ecobuy = 0. in other words, ecobuy indicates whether, at the prices

given, a family would buy any ecologically friendly apples. what fraction of families claim they would buy ecolabeled apples? answer

Business

1 answer:

Artyom0805 [142] · Answer 1 · 2022-06-23T14:35:51+03:00

Your question is not complete but from the information I sourced for, there are total 660 families and 412 families claimed they would buy ecolabeled apples.

Answer:

0.6242 fraction of families claim they will buy ecolabeled apples

Explanation:

When a binary variable ecobuy is defined such that ecobuy = 1 if ecolbs > 0 else ecobuy = 0.

Out of 660 families, there are 412 families who claimed they would buy ecolabeled apples.

The fraction of families who claim they would buy ecolabeled apples is therefore calculated as follows; 412/660 = 0.6242 fraction of families.

In percentage; 0.6242*100 = 62.42% of families.

That means 62.4242% of families claimed they would buy ecolabeled apples.