Relationship between price and estimated average quantity

Reference no: EM131052392 , Length: word count:1000

This assignment focuses on assessing the quality of your learning and its application in real world business research at an introductory level. The assignment requires you to apply the analytical techniques taught in this subject to data collected through a survey. Lectures, tutorials and quizzes will provide you with the opportunity to learn the analytical techniques to successfully complete this assignment.

Project Title: Understanding the market for beverages at La Trobe University

La Trobe is a large university attended by thousands of students every day on week days. The purpose of this project is to understand the student demand for beveragesat the university. This type of project requires the students to demonstrate their ability to select a sample, analyse the data collected and prepare a written report of their analysis. For convenience, the subject coordinator designed a survey questionnaire which was to be used by all students last semester. Moreover, since it was impossible to interview every student visiting the university last semester, the subject coordinator proposed that only BUS1BAN students should be interviewed. And, to make life easier for all, last semester all BUS1BAN students were required to respond to the survey online on the subject web page.

The data collected last semester are provided to you for analysis. The data can be found on Moodle under week 3 in a file called "Data for the Assignment"

Report Format

Your report must include a cover page followed by answers to the following:

1. Introduction:

Provide a brief introduction to what this assignment is about and how your sample was selected.

2. Data Analysis:

This section must answer to the following specific questions

Section A: Basic Analysis

1. What proportions of the students in your sample are domestic and what proportion are international?

2. What is the relationship between price and estimated average quantity consumed by students in your sample?

3. Summarise the beverage preferences for your sample of students. What are the most popular and least popular beverages?

4. Will price affect preference? (Do students in your sample indicate that they would change to their second preference if this beverage was 25%, 40% or 60% cheaper than their first preference?)

Section B: The behavior of domestic students vis-a-vis International Students

5. How does the demand (price-quantity relationship) of international students differ from that of domestic students in your sample?

6. Compare the distribution of beverage preferences for domestic and international students. What are the most and least popular beverages for each group?

7. Does price influence the choice of beverage for domestic students more than for international students?

Section C: Advance scenarios

8. Suppose, you randomly selected a student from last semester's BUS1BAN classes.

a. How likely is it that the student will be a domestic student and how likely is it that the student will be an international student? Provide interval estimates and interpret your results.

b. How likely is it that the student will choose soft drink (Coke, Pepsi etc) as their first preference? Provide interval estimates and interpret your results.

c. What is the probability that the student will choose tea/coffee as their second preference if he/she selected soft drink (Coke, Pepsi etc.) as the first preference? Once again, provide interval estimates and interpret your results

9. It is claimed that more than 25% of the students at La Trobe prefer soft drinks (Coke, Pepsi etc.) over any other beverage. Use your sample data to test this claim at 1%, 5% and 10% levels of significance.

10. Suppose that a total of 20,000 students (10000 domestic and 10000 international) attend La Trobe University every week. The university expects this number to increase to 25,000 next year (comprising of 10,000 domestic and 15,000 International students). Using your survey results, calculate the impact of this change on aggregate consumption of beverages at La Trobe.

3. Summary and discussion:

Provide a quick summary of the MAIN RESULTS from your analysis of the data (response to sections A, B and C).

Comment on the validity of your inferences. Discuss possible errors in predicting the weekly beverage consumption for next year.

For example:

Seasonal Variation: Comment on whether or not we should be concerned about the timing of the survey. Would the results be different if the survey was conducted in winter instead of summer).

Sampling method: Critically evaluate the sample selection method in this assignment and discuss whether or not inference about all students in the university in parts 9 and 10 based on this sample are valid.

Comment on ways in which errors (if any) could be improved. Can you suggest what additional information is needed to reduce these errors?

Attachment:- Data for the Assignment.rar

Reference no: EM131052392

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