View 125% ▼ Zoom + !!! + A ☑ Add Category Pivot Table Insert Table Chart Text Shape Media Comment Collaborate DAILY RETURN WHEAT PRICES ACTIVE VS FAILED RETAIL COMPANY CREDIT_SCORE Price Month 9.096 July 8.334 July 9.277 July 10.328 July 8.219 July 8.219 July 10.395 July 9.421 July 7.937 July 9.151 July 7.944 July 7.941 July 8.790 July 6.204 July 6.430 July 5.825 January 5.285 January 6.877 January 5.410 January 4.805 January 8.259 January 6.229 January 6.581 January 4.790 January 5.847 January 6.633 January 5.119 January 6.951 January 5.779 January 6.150 January Sheet Name WHEAT PRICES Background Format Organize Sheet Duplicate Sheet Delete Sheet
Wheat Prices Analysis:
The U.S. Department of Agriculture (USDA) uses sample surveys to produce important economic estimates. In a pilot study, durum wheat prices were estimated in July and January using independent samples of wheat producers for the two months.
The data is provided in Excel under the WHEAT PRICES sheet.
Although there is variation among prices within each month, the top four prices are all from July, and the four lowest prices are from January. You will run a significance test to check whether the difference between the two months' prices is statistically significant or simply due to chance.
You’ll use α = 0.05 for significance test. Assume that the two Normal population distributions have the same standard deviation.
a) What type of statistical test will you use to answer the proposed research question? (Note: Is this a z-test or a t-test?
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