What is the cross elasticity of demand for product j with respect to pk for some n ≠ j in the choice set, ie ? Your result should be expressed with respect to θ, pn, and Sk. Remember to show your steps. (Hint: you may find this fact useful: ) b. (4 marks) Suppose there are three different cereal products in the choice set: X1, X2, and X3 . Among these pro
MSIN0041 – Individual Coursework 1 General instructions: Please submit your work in a PDF file to the designated submission dropbox on Moodle by 1 pm, 26 October 2022. Problem 1. Conjoint Analysis (5 marks) What are the steps in designing a conjoint study? Explain the first step in the context of a specific company or industry that could implement conjoint designs to improve product designs or pricing decisions. Problem 2. Market Simulator Download the conjoint.R script posted to the Moodle page and start by running the first three sections of code. That is, load the bayesm package and its camera data, load the custom functions, and estimate the conjoint model using rhierMnlRwMixture() from bayesm. If bayesm is not installed on your device, run install.packages(“bayesm”) to install the required […]