In the following scenario, how do I determine what number to use as my sample si

Question

In the following scenario, how do I determine what number to use as my sample size? I am getting confused on what to use for the sample size.

Sharron’s Hand Made Furniture Sharron makes hand-made bedroom furniture, and will have a booth at the state fair. She will be selling furniture based on models shown at the fair. She is very excited about one new style of a bedroom suite (dresser-mirror, bed-frame, chest, 2 night stands) because it takes her half the time to make it compared to other styles. Not counting labor, it cost her 500 dollars to make this bedroom suite, and Sharron would like to sell the suite for 1,500 dollars. This is quite a bit of money, and so she would like to see if a couple different selling tricks would help her. She wants to try 3 different selling tactics. First, sell it at 2,000 dollars, but then the salesman goes down to 1,500 after talking to the potential customer. The second approach would be to sell it at 2,000 dollars with a 25% discount sign on the suite. The third approach would be to sell the furniture set at 1,500 dollars firm. Based on past experience, she can expect to sell on average 20 of these new bedroom suites a day by just selling the furniture for 1,500 dollars firm. Sharron will sell at the state fair for 16 days, and was thinking about using different selling tactics on different days (so alternate between tactics from day to day, 8 days each tactic). As a statistical advisor, she would like your input into her plans on trying out different selling tactics, and help with analyzing the data.

Explanation / Answer

Answer:

Sharron must utilize the beneath speculations:

The example estimate for every strategy will be 8 and the basic incentive at 8+8-2=14 degrees of flexibility will be 1.76

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.