Questions Part B Tom knows that he can efficiently identify the students (by requiring a valid student ID), andheisinterestedinseeingifitwouldbeworthwhileforNYHCtoofferaseparatemenuofpricesfor personal trainingforstudents Tobetterunderstandthestudentpreferencesregardingpersonaltraining Compute the average willingness to pay for student members for each timeslot Plotwillingness to payhistogramsforeachofthese timeslots Doyouthinkitwouldbesufficientlyaccurateforpurposesofstudentdemandestimationandrevenueoptimizationtorestrictattentiontoamodelthatsummarized the student preferences by their average willingness to pay foreachtimeslot Specifically,assumethatyouaregivenavectorofpricesandareaskedtocomputethestudentdemandforpersonaltrainingsessionsatdifferentperiods Doyouthinkitisreasonabletoassumethatallstudentshavethesamewillingness to pay (i e , the average computed above in 1a) or is the variabilityin their willingness to pay an important element in this calculation Why orwhynot

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Question: Questions:Part B Tom knows that he can efficiently identify the students (by requiring a valid student ID), andheisinterestedinseeingifitwouldbeworthwhileforNYHCtoofferaseparatemenuofpricesfor personal trainingforstudents. Tobetterunderstandthestudentpreferencesregardingpersonaltraining: Compute the average willingness-to-pay

Questions:Part B

Tom knows that he can efficiently identify the students (by requiring a valid student ID), andheisinterestedinseeingifitwouldbeworthwhileforNYHCtoofferaseparatemenuofpricesfor personal trainingforstudents.

Tobetterunderstandthestudentpreferencesregardingpersonaltraining:
1. Compute the average willingness-to-pay for student members for each timeslot.

Plotwillingness-to-payhistogramsforeachofthese timeslots.

Doyouthinkitwouldbesufficientlyaccurateforpurposesofstudentdemandestimationandrevenueoptimizationtorestrictattentiontoamodelthatsummarized the student preferences by their average willingness-to-pay foreachtimeslot?Specifically,assumethatyouaregivenavectorofpricesandareaskedtocomputethestudentdemandforpersonaltrainingsessionsatdifferentperiods.Doyouthinkitisreasonabletoassumethatallstudentshavethesamewillingness-to-pay (i.e., the average computed above in 1a) or is the variabilityin their willingness-to-pay an important element in this calculation? Why orwhynot?

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