Answer:
Esteban quantity demanded of a bottled store brand soda to decrease is a substitution effect, because when the price for bottled soda increased, the consumer substituted esteban for bottle soda.
Secondly, the esteban quantity demand of a bottled store brand soda to increase is an income effect, this is because the stored branded soda is inferior goods.
Parametric estimation is a techniques that uses a statistical relationship to calculate cost or duration based on historical data and other project parameters
Parametric estimation is a quantitative method (statisitical relationship) used to estimate the project cost, resources, and duration based on historical data and other project parameters.
Parametric estimation models are used when:
- There is precedent
- The model is a unit hence can be scaled up
- The parameters required are easily quantifiable
While the other options of this question is incorrect because:
b. grass roots estimating
Cost estimation done by the individuals who will be performing the task being estimated.
c. empirical estimating
Estimation method in which the data is obtained using empirical formulas. It is usually based on an amalgamation of historical data, assumptions, guesses, and personal experience.
d. analogous estimating
Also called top-down estimating, this is a technique that involves comparing previous projects, personal experiences and cursory cross-referencing observed costs to estimate time resources required. This technique is most useful in the absence of quantifiable data.
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<span>During the idea screening phase of the new product development process, the team at fiber one tested different product formulations for its new fiber one bars to ensure the product achieved the optimum taste-fiber trade-off. The idea screening phase includes e</span>valuation of innovative product ideas, strategies and marketing trends (in this case: <span>different product formulations ) in order to choose the best one.</span>
