Answered: Fairfield Homes is developing two…

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

Concept explainers

Question

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 18 people making inquiries at the first development is $162,000, with a standard deviation of $40,000. A corresponding sample of 29 people at the second development had a mean of $181,000, with a standard deviation of $29,000. Assume the population standard deviations are the same. At the 0.01 significance level, can Fairfield conclude that the population means are different?

At the 0.01 significance level, can Fairfield conclude that the population means are different?

c. Compute the p-value. NOTE: P-value calculators are available through online search. (Round your answer to 4 decimal
places.)
p-value
d. What is your decision regarding the null hypothesis?
O Do not reject Ho
O Reject Ho
e. Interpret the result.
The data indicates that the population means are

a. What are the null and alternate hypotheses?
O Ho: 1= H2 Hii M1# H2
Ho: H1Z H2 H: M# H2
O Ho: H1# H2 Hhi H1=H2
b. Compute the test statistic. (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal
places.)
Test statistic

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Point Estimation, Limit Theorems, Approximations, and Bounds$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions