Question

Periodically, customers of a financial services company are asked to evaluate the company's financial consultants and...

Periodically, customers of a financial services company are asked to evaluate the company's financial consultants and services. Higher ratings on the client satisfaction survey indicate better service, with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use

α = 0.05

and test to see whether the consultant with more experience has the higher population mean service rating.

Consultant A Consultant B

n1 = 16

n2 = 10

x1 = 6.82

x2 = 6.25

s1 = 0.67

s2 = 0.75

(a)

State the null and alternative hypotheses.

H0:

μ1 − μ2 ≠ 0

Ha:

μ1 − μ2 = 0

H0:

μ1 − μ2 = 0

Ha:

μ1 − μ2 ≠ 0

    

H0:

μ1 − μ2 ≤ 0

Ha:

μ1 − μ2 > 0

H0:

μ1 − μ2 ≤ 0

Ha:

μ1 − μ2 = 0

H0:

μ1 − μ2 > 0

Ha:

μ1 − μ2 ≤ 0

(b)

Compute the value of the test statistic. (Round your answer to three decimal places.)

(c)

What is the p-value? (Round your answer to four decimal places.)

p-value =

Homework Answers

Answer #1

​​​​​

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Periodically, customers of a financial services company are asked to evaluate the company's financial consultants and...
Periodically, customers of a financial services company are asked to evaluate the company's financial consultants and services. Higher ratings on the client satisfaction survey indicate better service, with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use α = 0.05 and test to see whether the consultant with more experience has the higher population mean service...
Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill...
Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use = .05 and test to see whether the consultant with more experience has the higher population...
Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill...
Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use  = .05 and test to see whether the consultant with more experience has the higher population mean...
Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill...
Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use = .05 and test to see whether the consultant with more experience has the higher population...
You may need to use the appropriate technology to answer this question. Periodically, customers of a...
You may need to use the appropriate technology to answer this question. Periodically, customers of a financial services company are asked to evaluate the company's financial consultants and services. Higher ratings on the client satisfaction survey indicate better service, with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use α = 0.05 and test to see...
A magazine uses a survey of readers to obtain customer satisfaction ratings for the nation's largest...
A magazine uses a survey of readers to obtain customer satisfaction ratings for the nation's largest retailers. Each survey respondent is asked to rate a specified retailer in terms of six factors: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all six factors. Sample data representative of independent samples of Retailer A and Retailer B customers...
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. It...
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. It is an attractive alternative to getting an MBA for students wanting a career in investment. A student of finance is curious to know if a CFA designation is a more lucrative option than an MBA. He collects data on 34 recent CFAs with a mean salary of $140,000 and a standard deviation of $35,000. A sample of 49 MBAs results in a mean salary...
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. It...
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. It is an attractive alternative to getting an MBA for students wanting a career in investment. A student of finance is curious to know if a CFA designation is a more lucrative option than an MBA. He collects data on 37 recent CFAs with a mean salary of $141,000 and a standard deviation of $39,000. A sample of 51 MBAs results in a mean salary...
The Chartered Financial Analyst (CFA®) designation is fast becoming a requirement for serious investment professionals. It...
The Chartered Financial Analyst (CFA®) designation is fast becoming a requirement for serious investment professionals. It is an attractive alternative to getting an MBA for students wanting a career in investment. A student of finance is curious to know if a CFA designation is a more lucrative option than an MBA. He collects data on 38 recent CFAs with a mean salary of $138,000 and a standard deviation of $34,000. A sample of 80 MBAs results in a mean salary...
A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for...
A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for the nation's largest supermarkets. Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all factors. Suppose sample data representative of independent samples of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT