Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Business Economics Expert

A food company wanted to know if the amount of taste enhancer added to one of its products has any effect. It ran a test by adding eight different amounts and asking a panel of tasters to rank the results. (Considering a scale from 1 to 10, with 1 representing a 'low' rank and 10 a 'high' rank.)

Table 2 Food company data

Test

A

B

C

D

E

F

G

H

Amount of enhancers

22

17

67

35

68

10

37

50

Rank

3

2

8

5

7

1

4

6

See below the corresponding Excel regression output.

a. Comment on the relationship between the amount of enhancer and the ranking by the panel. Clearly justify your claim. 

b. Determine the equation of the regression line that can be used to predict the ranking given the amount of enhancers. Explain the meaning of the regression coefficient and the intercept. Predict the ranking for an amount of 55 enhancers.   

c. Use a significance level of 5% to test whether the ranking is significantly related to the amount of enhancer. What is your conclusion?

d. Explain the relevance of the confidence interval for the conclusion you derived at in (c).

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M92804413
  • Price:- $20

Priced at Now at $20, Verified Solution

Have any Question?


Related Questions in Business Economics

How to perform a regression for barrels sold vs us pop

How to perform a regression for barrels sold vs. US Pop. Write the estimated regression equation? The barrels sold are the dependent variables while US Pop is the independent variable.

Sally purchases hardwood lumber for a custom

Sally purchases hardwood lumber for a custom furniture-building shop. She uses three suppliers, Northern Hardwoods, Mountain Top, and Spring Valley. Lumber is classi ed as either clear or has defects. Sally estimates tha ...

Considera firm that faces thefollowingexpectedfuture

Consider a firm that faces the following expected future marginal product of capital: MPKf =1000- 2K Where MPKf is the expected future marginal product of capital and K is the capital stock. The price of capital, pk, is ...

In the following five scenarios h0 alpha the obtained

In the following five scenarios, H0, α, the obtained probability (p-value), and the true status of H0 are given. Assume that our test statistic follows a standard normal distribution. Do the following: (a) State whether ...

A how can use the criteria for evaluating alternative

a) How can use the criteria for evaluating alternative methods of government finance to assess the most important revenue proposals of the 2018/19 budget. b) In the case tax is most important revenue proposals of the 201 ...

You have a deck of magic the gathering cards with 60 cards

You have a deck of Magic the Gathering cards with 60 cards total. In the deck you have 20 Mana cards, 18 Spells, 3 Artifacts, 12 Creatures, 6 Enchantments and 1 Planes Walker. What is the probability that you draw 2 arti ...

In the summer of 2013 walt disney released the lone ranger

In the summer of 2013, Walt Disney released The Lone Ranger, starring Johnny Depp and produced by Jerry Bruckheimer. The film bombed at the box office: Worldwide, it earned about $245 million in revenue, well below the $ ...

You just signed a 30-year lease agreement for a business

You just signed a 30-year lease agreement for a business property. The monthly rent for the first year is $1,000/month, with the ?rst month's rent due today. Starting from the second year onward, the monthly rent will be ...

1 the following table shows the prices and quantity

1. The following table shows the prices and quantity demanded of Alberta wheat in 2014 and 2015. The change in 2012 resulted from exceptional weather, resulting in a bumper crop. 2014 2015 Bushels demanded 1.74 billion 1 ...

It is often argued that regulation is justified in cases

It is often argued that regulation is justified in cases where some form of market failure would otherwise cause an inefficient allocation of resources. Can someone help me identify possible sources of market failure tha ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As