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Answer :
Final answer:
The question discusses consumer preferences in the context of a sporting goods store, where customers are shown to prefer soccer balls over baseball bats and tennis rackets. It suggests various factors like product specialization, price, and individual traits can affect consumer decisions.
Explanation:
The owner of the sporting goods store has derived a model based on past experience that indicates customers choose soccer balls over baseball bats and tennis rackets 58% of the time. This is an example of consumer preference and can be used to inform future purchasing decisions and supply orders for the store. It's also interesting to consider the monopolistically competitive nature of golf ball manufacturers, as they differentiate their products to encourage sales, despite many amateur golfers not being able to distinguish between different golf ball brands.
Further, this decision-making process applies in the context of other sports as well. For instance, the owner of a baseball team might look at the relationship between player salaries and team winning percentage when making budget decisions, or a black sports car buyer may have considered age as a factor. This is all part of the broader concept of economic decision making.
Ultimately, it seems consumer preferences and buying decisions can be heavily influenced by several factors, including product differentiation, price, and individual characteristics or circumstances.
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The answers are Week 1 Results are consistent , Week 2 results are inconsistent , Week 3 results are consistent
What is Statistical Modeling ?
Statistical modeling refers to the data science process of applying statistical analysis to datasets.
A statistical model is a mathematical relationship between one or more random variables and other non-random variables.
The owner has modeled that the customers choose to buy soccer balls over baseball bots and tennis rackets 58% of the time .
To test that this applies to the data set and the modelling is consistent or inconsistent we have to substitute the value in the equation
y = 1.58x
here y is the customers who choose to buy soccer balls
and x is the customers who choose to buy baseball bats and tennis rackets.
So the data shows that
Week 1 Results are consistent
Week 2 results are inconsistent
Week 3 results are consistent
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