Answered: A marketing firm is doing research for…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Question

100%

A marketing firm is doing research for an Internet-based company. It wants to appeal to the age group of people who spend the most money online. The company wants to know if there is a difference in the mean amount of money people spend per month on Internet purchases depending on their age bracket. The marketing firm looked at two age groups, 1818-2424 years and 2525-3030 years, and collected the data shown in the following table. Let Population 1 be the amount of money spent per month on Internet purchases by people in the 1818-2424 age bracket and Population 2 be the amount of money spent per month on Internet purchases by people in the 2525-3030 age bracket. Assume that the population variances are not the same.

Internet Spending per Month

	1818-2424 Years	2525-3030 Years
Mean Amount Spent	62.4962.49	62.8462.84
Standard Deviation	20.0420.04	15.6415.64
Sample Size	1616	2828

Step 1 of 2 :

Construct a 95%95% confidence interval for the true difference between the mean amounts of money per month that people in these two age groups spend on Internet purchases. Round the endpoints of the interval to two decimal places, if necessary.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Expert Solution