You have just opened a restaurant in a large city, and you are deciding what you should charge for a regular-sized soda. You’d like to charge a price equal to the average of your competitors, which you believe is $2.58. To inform your decision, you want to learn more about the average price charged by competing restaurants in the area. You know you won’t be able to get prices for every restaurant, so you randomly sample 35 and collect their soda prices. These data are in Soda.xlsx ( See the attached)
You are assuming the mean soda price is $2.58 for all of your competitors. When conducting data analysis to test this belief, what is this assumption called?
Calculate the t-statistic assuming the mean soda price for all of your competitors is $2.58.
Calculate the p-value for your t-statistic.
Using a confidence level of 90%, test whether the mean soda price of all your competitors is $2.58 using the t-stat.
Using a confidence level of 90%, test whether the mean soda price of all your competitors is $2.58 using the p-value.
Is it possible that your answers to parts d and e would yield different conclusions?
Activity II – To better assess your willingness-to-pay for advertising on others’ websites, you want to learn the mean profit per visit for all visits to your website. To accomplish this, you have collected a random sample of 4,738 visits to your website over the past six months. This sample includes information on visit duration and profits. The data are contained in WebProfits.xlsx (See the attached). Using the data in WebProfits.xlsx:
Build a 99% confidence interval for the mean profit per visit for all of your visitors.
Let the null hypothesis be that mean profit per visit for all of your visitors is $11.50.
Calculate the corresponding t-stat for this null hypothesis.
Calculate the corresponding p-value for this null hypothesis.
With strength of 95%, decide whether or not to reject this null hypothesis.
Detail the reasoning behind your decision
Note: Please refer to this textbox: Prince, J. (2018). Predictive Analytics for Business Strategy. McGraw-Hill Education
"Shout" by Edward Munch GuidesorSubmit my paper for investigation The_ScreamVisual workmanship as we probably am aware it today is totally not the same as what had been made before the twentieth century. Sensible delineations of the encompassing reality has surrendered its place for endeavors to pass on the craftsman's internal world straightforwardly through the assorted variety of shapes, hues, and methods for visual portrayal. Thus, a sensible inquiry emerges: by what method would it be advisable for one to assess bits of present day craftsmanship given that customary criteria of evaluation don't make a difference effectively right now? In contrast to conventional craftsmanship, where one can make decisions about the scene, a craftsman's aptitudes, and sythesis, present day workmanship ought to be assessed in a marginally extraordinary way. Despite the fact that there are various imaginative laws and rules, any evaluation made about a bit of workmanship stays emotional; I trust one can without much of a stretch clarify why somebody prefers a specific bit of craftsmanship, yet won't have the option to convince the individuals who can't help contradicting them or have no creative taste. Thinking about this, let us allude to "Shout"— a well known artwork by Edward Munch. Despite the fact that it was painted over 110 years prior, it despite everything makes an ideal case of present day craftsmanship. By and by, I normally assess works of art by their clarity, quality of aesthetic methods, (for example, sythesis, shading, etc), and the maker's capacity to speak with the crowd through a canvas. Regardless of its expressionistic, contorted shapes and upsetting hues (which will be talked about later) "Shout" is as yet a sensible work of art, acted in an expressionist way. Its scene contains no conceptual images or figures; its components are obviously unmistakable and don't require deciphering, which demonstrates that the artwork is sensible. Consequently, regarding cognizance, Munch's "Shout" can be moderately effectively seen by all individuals, and subsequently is open for contemplated banters about its imaginative worth. It is useful for any bit of workmanship, as individuals ought to have the option to talk about what they see; for instance, on account of "The Black Square" by Malevich (which is likewise a huge and representative artwork) it is significantly more hard for individuals to comprehend the aesthetic estimation of what they are appeared (RealArtsHistory). By his work of art, Munch totally satisfied the possibility of expressionism: passing on the emotions through the canvas. Compositional methods utilized by the craftsman make an inclination that a figure in the middle is pierced and persecuted by the encompassing nature, and simultaneously, the view looks precarious; converging askew lines of the scaffold and the stream, just as the looming skies, make pressure; directly in its inside, a figure shouting with dismay looks squashed by the intensity of nature and vulnerability; even regardless of that the figure isn't the only one (the two individuals standing close by) the artistic creation is drenched with the sentiment of depression and dejection: because of the utilization of a marginally contorted point of view, Munch made an unbridgeable separation between the focal figure and individuals who witness this fine art. These impressions are controlled by upsetting hues utilized by the craftsman, and stunning lines that make the scene resemble a daydream. The image unquestionably influences anyone who takes a gander at it. "Shout" was made in a way that was run of the mill for Edward Munch, however a few highlights right now overstated. Dainty dim figures with depressed eyes, upsetting faint hues, the vibe of dejection, summed up landscape—these were Munch's ordinary masterful procedures, and every one of them were typified in "Shout." Thus, this composition can be known as a total exemplification of Munch's innovative strategy; this technique, be that as it may, was enlivened by Munch's serious mental issue. The craftsman experienced hyper burdensome psychosis, and his works of art are a demonstration of his mental condition and show individuals how profound his sufferings were (AllBios). "Shout" by Edward Munch is an ideal case of present day workmanship. In spite of the fact that it had been painted right around a century back, it despite everything stays present day, both on account of the all inclusive character of existential issues raised by it, and by the aesthetic methods utilized. Crunch made a sincerely persuasive, ground-breaking bit of craftsmanship; the aesthetic methods he utilized totally pass on the sentiments of depression and forlornness, and the entirety of Munch's sad character is by all accounts communicated right now. References Brilliant, Lesley. "The Tragic Genius of Edward Munch." AllBios. N.p., 11 Oct. 2010. Web. 28 Feb. 2014. "Genuine History of Modern Arts." RealArtsHistory. N.p., 2 June 2009. Web. 27 Feb. 2014.>GET ANSWER