Exam 4: Techniques for Understanding Consumer Demand and Behavior

The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called:

The ratio of the regression coefficient to its standard error is called:

Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?

The degrees of freedom in a regression equation is the number of observations minus the number of estimated coefficients.

The F-statistic is an alternative measure of goodness-of-fit of an estimated regression equation and defined as the:

The test statistic used to test the hypothesis of whether a regression coefficient is significantly different from zero,holding all other independent variables constant,is called a(n):

The coefficient of determination is the proportion of the variation that is not explained by the regression model.

You have the following demand equation for a pack of cigarettes: Q = 200 - 0.30P with the average quantity 3 packs and average price $3.00 per pack.What is the price elasticity?

Adding an independent variable to a regression model will always reduce the coefficient of determination.

Briefly describe the three key points managers must consider when using expert opinion,consumer surveys,test marketing,and price experiments in analyzing consumer behavior.

Cross-sectional data observed at several points in time is known as:

The coefficient of determination is .90,the number of observations is 30,and a multiple regression model using 2 independent variables is estimated.What is the value of the adjusted coefficient of determination?

Scenario 1: The demand model relating the quantity of good XYZ sold (QXYZ)to the price of good (PXYZ)is reported below: -Refer to Scenario 1.What is the coefficient of determination?

The estimated regression equation is Y = 10 + 2.5X,if X =0 than the predicted value of Y is equal to:

Which of the following statements is correct?

Given the demand function in log-linear form: Q = 120 - 1.5P + 12ADV where Q = quantity,P = price,and ADV = advertising expenditures,what is the price elasticity?

Regressional analysis that analyzes the relationship between one dependent variable and one independent variable is called:

Scenario 2: Below is a multiple regression in which the dependent variable is market value of houses and the independent variables are the age of the house and square footage of the house. The regression was estimated for 42 houses. -Refer to Scenario 2.Based on the 95 percent confidence intervals for each of the partial regression coefficients,which independent variable is statistically different from zero and why?

Data collected on the same observation unit at a number of points in time are called:

When using expert opinion,consumer surveys,test marketing,and price experiments to analyze consumer behavior,managers must consider whether the answers given in these formats represent actual market behavior.