Economics 1. A market research firm wants to determine if the purchase potential of a product is changed by a TV commercial. Eight individuals were selected. Each individual is asked to rate purchase...

5

Extracted text: Economics 1. A market research firm wants to determine if the purchase potential of a product is changed by a TV commercial. Eight individuals were selected. Each individual is asked to rate purchase potential of a product on a scale of one to ten before watching the commercial and rate the purchase potential of the product after watching the commercial. The data on these individuals is presented in Table Q1.1. Purchase Potential Before Watching Purchase Potential After Watching Individual Commercial Commercial 1 5 2 4 7 7 4 4 3 6 8 7 7 8 6 6 Test if there is a significant difference in the difference in purchase potential of the product: Using an excel spreadsheet; and Using GRETL. a. b. Use a significance level of 0.05.