Since college campuses are traditionally very attractive locations for Coffee-sh

Question

Since college campuses are traditionally very attractive locations for Coffee-shops, your District manager is proposing to set up a coffee shop near at the junction of Broadway and 35th  

Many of you suggested in several different ways that you as the business manager would conduct a market research type analysis based on your sample data and collect information.

1: You as a researcher collect only one sample" correct? (answer yes or no in your response and tell us why or why not?)

You learned in Ch. 7 how to take a random sample and how you can justify the use of sample quantities based on this one sample. Let us use this information to answer the following:

2: Suppose you collect a random sample of 10 students and ask each of them about the number of coffee shop visits daily, what parameter are you trying to determine and what statistics do you need to estimate? How do you justify the use of your sample estimate for the parameter you want to know and the question you are trying to answer?

Explanation / Answer

Solution-

1. It depends on the size of sample I am collecting. If it is sufficiently large and it is random, then just one sample would suffice.

2. Parameters that i would be interested in are-

Number of coffee cups consumed by them per visit, how often they visit, types of coffee they prefer etc.

I will try to estimate the mean amount of the coffee cups oredered per day as per the expected number of consumers coming to the coffee shop. I will also estimate the variation in the amount of bill or the number of cups which will help me in further inference of the population parameters.

Thanks!

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