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Lecture 1

MGEB12H3 Lecture 1: assignment 1 (2015 winter)

Economics for Management Studies
Course Code
Vinh Quan

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Department of Management, UTSC
MGEB12 Quantitative Methods in Economics II – L01/L30
Assignment #1 – Winter 2015
Due TUE/WED January 27/28 in class. Late Assignments will not be accepted. This assignment is
worth 2.5% of your final mark.
You can work individually or up to group of 2 people and they can be in different sections.
Problem 1
The company that makes the popular Red Bull drink is considering the launch of a new Black Bull drink. The Marketing
Dept intends ask a sample of people try the drink and then based on the results determine if it should launch the new
drink. The Marketing Dept. decided to set up a booth at IC building for a day. Anyone who came by the booth was
handed a small cup of the drink and were asked to rate their desire to buy the drink from 0 100. 0 if they would never
buy the drink and 100 if they would buy the drink for sure. 25 people took the drink and the data was analyzed with
EXCEL’s Descriptive Statistics shown below. The company has decided it will launch if the mean rating for the drink is
above 75.
Mean 72.0
Standard Error 1.2
Median 70.5
Mode 71
Standard Deviation 6.0
Sample Variance 36.0
Kurtosis -0.655
Skewness -0.1656
Range 28
Maximum 88
Sum 1800
Count 25
Confidence Level(95.0%) 2.4768
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