A tyre manufacturer wants to know if there is a sizable price gap between their tyres and those of a rival. The tyre company gathered cost information for 7 tyres that were randomly chosen from their own production and 7 tyres that were randomly chosen from the manufacturing of a rival. The manufacturer believes that the two groups will exhibit equal variances. Determine whether there is a significant difference in the mean price of the tyres using a 5% threshold of significance, and then interpret your findings.Table 3Cost ($)220270320370380390Opponents product cost(S)190230370370320320250340 A tyre manufacturer wants to know if there is a sizable price gap between their tyres and those of arival. The tyre company gathered cost information for 7 tyres that were randomly chosen fromtheir own production and 7 tyres that were randomly chosen from the manufacturing of a rival.The manufacturer believes that the two groups will exhibit equal variances. Determine whetherthere is a significant difference in the mean price of the tyres using a 5% threshold of significance,and then interpret your findings.Cost (S)Opponentsproduct cost(S)220190250230Table 3270340320370370370380320390320

The question is about hypo. testing Given : To find : To test whether there is a signif. diff. in…

Answered: A tyre manufacturer wants to know if…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A tyre manufacturer wants to know if there is a sizable price gap between their tyres and those of a rival. The tyre company gathered cost information for 7 tyres that were randomly chosen from their own production and 7 tyres that were randomly chosen from the manufacturing of a rival. The manufacturer believes that the two groups will exhibit equal variances. Determine whether there is a significant difference in the mean price of the tyres using a 5% threshold of significance, and then interpret your findings. Table 3 Cost ($) 220 270 320 370 380 390 Opponents product cost(S) 190 230 370 370 320 320 250 340