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Chimpanzee Questions :

Consider the study involving chimpanzees some chimpanzees were initially given the peanut butter but could later trade in for popsicles if they wished but could later trade for peanut butter if they wish and which group would there likely to be after all trades done more chimpanzees with popsicles Group 1 Group 2

Brosnan 2007 Ran a study where they gave chimpanzees either peanut butter first and ask them to trade if they wanted to for Popsicles or popsicles first and then ask them to trade if they wanted to for peanut butter. They found that children pansies were more likely to end up with peanut butter when giving peanut butter first this result illustrates: a. Endowment effect b. Compromise effect c. Status quo bias d. Asymmetric dominance

The above results reflects the status quo bias. Per class notes the preceding statement is……. a. True b. False

Consider the study involving coffee mugs and chocolate- Knestch 1989. This study is conceptually similar to what study: a. Study involving jam choice b. Study involving chimpanzees Art gallery Questions: After getting a poster above after 15 minutes participate pins again ranked all the posters in which case were study participants likely to rank their chosen poster as higher Group a Group b

Ahead of time, which group ( as per study participant) would the typical study participant like to be in? Group b Group a

Jam Questions: Which of the following statements is true a. There is no significant difference in the number of consumers attracted to view the 24 Jam display vs the 6 Jam display b. More consumers were attracted to the view the display having 6 jams c. to make this easier to make this easier for now similarly customers were offered but for consumeMore consumers were attracted to the view the display having 24 jams

Which of the following statements is true: a. As a percentage, more consumers bought jam from the display having 6 jams b. As a percentage, more consumers bought jams form the display having 24 jams

Chocolate Bar Questions:

Originally i had this one wrong: Assume that consumers were offered a choice between a Hershey Chocolate low quality zero cents free or a Lindt chocolate higher-quality at $0.17. If 30% of customers choice of Hershey chocolate Now consumers were offered a choice between a hershey chocolate at 3 cents free or a lindy chocolate bar high quality a 20 cents. Based on class notes, the proportion of consumers choosing hershey chcooates will be: a. Less than 30% b. More than 30% c. About 30%

Knetsch (1989) Ran the study above testing preference for coffee mugs conditional on whether one participants were initially given a coffee mug but could switch to chocolate or two participants were initially given a chocolate but can switch to a coffee mug or three participants chose between a coffee mug and a chocolate directly This study was run to test the endowment effect a. True b. False

Assume that consumers were offered a choice between a hershey chocolate (low quality) at 3 cents or a lindt chocolate (high quality) at 20 cents. 30% of consumers chose the lindt chocolate Now (similar) consumers were offered a choice between a hershey chocolate (low quality) at 0 cents (free) or a Lindt Chocolate (high quality) at 17 cents. Based on class notes, the proportion if consumers choosing lindt chocolate will be: a. About 30 % b. More than 30% c. Less than 30%

Coffee Shop Questions/mug: Assume you run a coffee shop. You currently sell a small coffee for 2.99 and a large cup of coffee for 8.99. You want to increase the sales of the large coffee. Based on class notes, to sell more of the large coffee you should: a. Introduce a medium coffee sold for 5.99 b. Introduce a medium coffee sold for 8.79

Originally i got this one wrong:

Assume you run a coffee shop. You currently sell a small coffee for 2.99 and a large cup of coffee for 8.99. You find that most students buy the large coffee. The campus authorities want you to reduce sales of the large coffee and increase sales of the small coffee for health reasons. Based on the class notes to sell more of the small coffee you should a. Introduce a medium coffee sold for 8.79 b. Introduce a medium coffee sold for 5.99 c. Introduce a very small coffee sold for 2.99

Originally i got this one wrong: Assume you run a coffee shop where fellow students can get one cup of coffee and a snack everyday for a low price you are not doing this to make money as your cost in salary or covered separately by the University. Yesterday you offered: - ( a cup of good quality coffe + a snack) for 0.49 - (A cup of very good quality coffee ) for 0.99 - (a cup of very good quality coffee and a snack) for 0.99 Yesterday, 40% of those who came in bought a cup of good quality coffee and a snack, and 60% bought a cup of very good quality coffee and a snack Today you offer: - A cup of good quality coffee and a snack for 0.49 - A cup of very good quality coffee and a snack for 0.99

Based on the class, which is the following is likely to be true? a. Today more than 40% will buy a cup of good quality coffee and a snack b. Today less than 40% will buy a cup of good quality coffee and a snack

Consider the study involving coffee mugs. Some participants were initially given the coffee mug but later could sell the coffee mug if they wished for a price equaling X. Some participants were not initially given anything but later they can buy the coffee mug if they wished for a price

equaling Y based on class notes which statement is likely to be correct a. Y>X b. X>Y c. X=Y (roughly)

Assume thatyou run a coffee shop or your fellow students get one cup of coffee every day- for a low price you're not doing this to make money as your cost in salary or covers up early by the university. You sell a cup of good quality coffee for 0.49 in a cup of very good quality coffee for 0.99. About 60% of those who visit your coffee shop by a cup of the very good quality coffee Per class notes which of the two cases below will you sell relatively more of the very good quality coffe? a. A reduce price of both the good quality coffee and the very good quality coffee by 0.39 b. A reduce price of both the good quality coffee and the very good quality coffee by 0.49

Attribute Based Questions: Which decision rule establishes minimum required performance standards for each evaluative criteria and select the first are all brands that meet or exceed these minimum standards a. Conjuctive b. Disjunctive c. Lexicopgraphic d. Elimination by aspects

Which of the following include involves decomposing the brand into distinct components that are evaluated separately from the whole a. Attribute based choice b. Affective choice

Graphs/Tables:

ANWSER TO THIS IS FALSE^^^^^^^ (QUESTION 34 IS FALSE)

I originally got this one wrong THE ANWSER TO THIS ONE IS HP ^^^^^^

Other Multiple Choice

In one of the video lectures folks were unwilling to sell their lottery tickets even at a price higher than that they paid for these lottery tickets this phenomenon is related to: a. Endowment effect b. Status quo bias c. Choice overload effect

Consumers were offered two options for their Automotive Insurance and expensive option giving them full right to sue in a less expensive option with a restricted rights to sue. In New Jersey the cheaper option was the default and most consumers selected it. Only blank chose a cheaper option in Pennsylvania where the most expensive option with a default this above reflects a. Choice overload effect b. endowmen t effect c. Status quo bias

Germany and Austria is very similar countries sharing a Common Language and yet there are differences in organ donation Behavior based on class notes is different is best explained by a. Endowment effect b. Status qo bias c. Choice overload effect

Consumers tend to Value items more if they own such items this is linked to a. Endowment effect b. Choice overload effect c. Status quo bias

There is a study discussed in one of the YouTube videos which related to participants throwing balls in a basket for a chocolate reward. As a default, participants were told they threw the ball with either their dominant hand or non-dominant hand but right before throwing they were told that they could change their mind and throw the other hand this study it was to illustrate

a. Choice overload effect b. Status quo bias c. Endowment effect

Had originally got this one wrong: Michael is considering the purchase of a computer , and is he comparing brands based on gut decision about his likes/dislikes. This essentially is an attribute based choice process a. True b. False

Which of the following tends to be more holistic in nature and the brain does not decompose into distinct components that are evaluated separately from the whole a. Attribute based choice b. Affective choice

Which decision rule requires that products selected meet a (high) minimum performance started in at least one attribute considered as important a. Elimination by aspects b. Lexicographic c. Disjunctive d. Conjunctive

Orginally i got this one wrong; Attribute-based choice does not require___ a. Summary impressions b. Attribute by attribute comparisons across rbands c. The knowledge of specific attributes at the time the choice is made

Which decision rule requires knowledge of ‘importance rankings’ of evaluative criteria

a. Conjunctive b. Lexicographic I originally got this one wrong In one of the videos, a researcher said at his door on Halloween. When children showed up he gave them a few Hershey Kiss chocolate and asked if they'd be willing to trade these Hershey Kisses chocolates for small Snickers bar or large Snickers bar. And one case children could get small Snickers bar for one Hershey Kiss or large Snickers bar for to Hershey Kiss and other case children could get small Snickers bar for zero Hershey Kiss free or large Snicker bar for one Hershey Kiss the researcher ran the study to illustrate: a. b. c. d.

Status quo bias Biasing aspect of zero price Choice overload effect Endowment effect

Joseph is considering The purchase of a computer and he is comparing brands on the basis of price memory speed and reliability. He mentally ranks each alternative on these attributes makes the selection based on these rankings Joseph is using what type of choice process a. Attribute based choice b. Attitude based choice c. Affective choice

Consider the study involving 401 K partciation - Botti and Iyengar (2006). Which of the following is true a. Participation rates were highest win intermediate number (30) of investment funds offered b. Participation rates were highest when least number (2) of investment funds offered c. Participation rates were highest when maximum (60)number of investment funds offer...