Do more expensive wines taste better? In a study, both expert wine tasters and nonexperts were asked

Question:

Do more expensive wines taste better? In a study, both expert wine tasters and nonexperts were asked to rate a variety of wines on a scale from 1 to 4, with a higher number indicating a better tasting wine. For experts, the relation between rating, y, and price, x, was found to be y = 0.09 ln x + 1.889. For nonexperts, the relation between rating, y, and price, x, was found to be y = −0.048 ln x + 2.337.

(a) What is the rating of wine priced at $50 per bottle for the experts?

(b) What is the rating of wine priced at $50 per bottle for the nonexperts?

(d) What is the price of a wine rated 2.5 for the nonexperts?

(e) At what price are the ratings of the two wines equal? What is the rating of the wine at this price?

(f) Explain the effect of the coefficients for each of the two (expert and nonexpert) models.

Fantastic news! We've Found the answer you've been seeking!