Question

Does the price of a product influence how much you like it? This was the question asked by economics researchers (Plassmann, O'Doherty, Shiv, & Rangel, 2008). They randomly assigned some wine drinkers to taste wine that was said to cost $10 per bottle and others to taste the same wine at a supposed price of $90 per bottle.

Here is the data. The numbers represent the average "liking rating" of the wine, with higher numbers indicating more liking. You will need to calculate the descriptive statistics for the inferential statistics formula and to include in your write up. Note that the sample size (n) for the two groups is slightly different.

Supposed $10 bottle	Supposed $90 bottle
.9	3.1
2.1	3.9
2.5	3.7
3.0	5.3
	5.6

FIND:

Null hypothesis -

Alternative -

Null - symbols

Using the inverted triangle template we have learned, write up the results in APA Style.

Answer 1

Hence we conclude that the price of a product influences significantly how much you like it.