Reliance on expert opinion to predict consumer behavior has the advantage of being a relatively low cost approach to gathering information. In many situations, however, it is subject to several sources of bias that can undermine its reliability.
37) Conjoint analysis employs an approach to consumer behavior that is similar to the economic indifference curve model.
38) When using expert opinion, consumer surveys, test marketing, and price experiments to analyze consumer behavior, managers must consider whether the participating groups are representative of the larger population.
39) 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.
40) When using expert opinion, consumer surveys, test marketing, and price experiments to analyze consumer behavior, managers must consider how to isolate the effect of different variables that influence demand.
41) Cross-section data observed at several points in time are called inverted data.
42) Least squares regression minimizes the sum of the absolute errors.
43) The intercept of the equation: Y = .09 + 1.5X is 1.5.
44) The total sum of squares equals the sum of squares of the variation explained by the regression and the sum of squares of the errors.
45) The coefficient of determination is the proportion of the variation that is not explained by the regression model.
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