You are interested in purchasing a new car and have done some research. one of the many points you wish to consider is the resale value of the car after 5 years. you wish to estimate the resale value of the one that piques your interest with a 99% confidence interval. in your research, you obtain data on 17 recently resold 5-year-old sedans of the same model you wish to purchase. these 17 cars were resold at an average price of $12,500 with a standard deviation of $700. what is the 99% ci for the true mean resale value?

Total marketing effort is a term used to describe the critical decision factors that affect demand: price, advertising, distribution, and product quality. define the variable x to represent total marketing effort. a typical model that is used to predict demand as a function of total marketing effort is based on the power function: d = axb suppose that a is a positive number. different model forms result from varying the constant b. sketch the graphs of this model for b = 0, b = 1, 0< b< 1, b< 0, and b> 1. (we encourage you to use excel to do this.) what does each model tell you about the relationship between demand and marketing effort? what assumptions are implied? are they reasonable? how would you go about selecting the appropriate model?