Mathematics, 06.05.2020 04:19 tomtom6870
Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different advertising approaches, it uses different media to reach potential buyers. The mean annual family income for 14 people making inquiries at the first development is $150,000, with a standard deviation of $43,000. A corresponding sample of 27 people at the second development had a mean of $186,000, with a standard deviation of $27,000. Assume the population standard deviations are the same.
1. State the decision rule for .01 significance level: H0: μ1 = μ2; H1:μ1 ≠ μ2. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)
- Reject H0 if t is not betweenand.
2. Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.)
- Value of the test statistic
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Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different ad...
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