In an Introductory Marketing Class Students Were Presented with 6

Essay

In an introductory marketing class students were presented with 6 items they couldbid on in an auction. They were asked to bid privately and also estimate the "typical"bid for each item by their classmates. The items were randomly selected from a largelist of items that students might purchase. An initial analysis of the data establishedthe plausibility that the distribution of differences (estimated - actual) isapproximately normal.
a) Construct a 95% confidence intervalfor the mean difference between theactual bid and the estimated"typical" bid for the population ofitems. b) Do the data indicate that the meandiffers for the actual and estimated"typical" bids?
Provide anappropriate statistical justificationusing your response in part (a).