Question

Fairfield Homes is developing two parcels near Pigeon Forge, Tennessee. In order to test different advertising...

Fairfield Homes is developing two parcels near Pigeon Forge, 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?

  1. State the decision rule for 0.01 significance level: H0: μ1 = μ2; H1:μ1μ2. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)

  1. Compute the value of the test statistic. (Negative value should be indicated by a minus sign. Round your answer to 2 decimal places.)

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

Homework Answers

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
Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different advertising...
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 15 people making inquiries at the first development is $156,000, with a standard deviation of $44,000. A corresponding sample of 27 people at the second development had a mean of $182,000, with a standard deviation of $32,000. Assume the population standard deviations are the same. At the 0.05 significance...
Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different advertising...
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 17 people making inquiries at the first development is $160,000, with a standard deviation of $39,000. A corresponding sample of 29 people at the second development had a mean of $174,000, with a standard deviation of $32,000. Assume the population standard deviations are the same. At the 0.10 significance...
Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different advertising...
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 $165,000, with a standard deviation of $36,000. A corresponding sample of 28 people at the second development had a mean of $179,000, with a standard deviation of $25,000. Assume the population standard deviations are the same. At the 0.02 significance...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2 A random sample of 9 observations from one population revealed a sample mean of 22 and a sample standard deviation of 3.9. A random sample of 9 observations from another population revealed a sample mean of 27 and a sample standard deviation of 4.1. At the 0.01 significance level, is there a difference between the population means? State the decision rule. (Negative values should...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2 A random sample of 12 observations from one population revealed a sample mean of 24 and a sample standard deviation of 3.8. A random sample of 8 observations from another population revealed a sample mean of 28 and a sample standard deviation of 3.7. At the 0.01 significance level, is there a difference between the population means? State the decision rule. (Negative values should...
he null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2...
he null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2 A random sample of 11 observations from one population revealed a sample mean of 24 and a sample standard deviation of 4.6. A random sample of 8 observations from another population revealed a sample mean of 29 and a sample standard deviation of 4.1. At the 0.05 significance level, is there a difference between the population means? State the decision rule. (Negative amounts should...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2 A random sample of 12 observations from one population revealed a sample mean of 23 and a sample standard deviation of 2.5. A random sample of 5 observations from another population revealed a sample mean of 25 and a sample standard deviation of 2.7. At the 0.10 significance level, is there a difference between the population means? State the decision rule. (Negative amounts should...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2 A random sample of 8 observations from one population revealed a sample mean of 23 and a sample standard deviation of 3.9. A random sample of 8 observations from another population revealed a sample mean of 28 and a sample standard deviation of 4.4. At the 0.05 significance level, is there a difference between the population means? State the decision rule. (Negative amounts should...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2...
The null and alternate hypotheses are: H0 : μ1 = μ2 H1 : μ1 ≠ μ2 A random sample of 11 observations from one population revealed a sample mean of 25 and a sample standard deviation of 3.5. A random sample of 4 observations from another population revealed a sample mean of 29 and a sample standard deviation of 4.5. At the 0.01 significance level, is there a difference between the population means? a. State the decision rule. (Negative amounts...
A random sample of n1 = 49 measurements from a population with population standard deviation σ1...
A random sample of n1 = 49 measurements from a population with population standard deviation σ1 = 5 had a sample mean of x1 = 8. An independent random sample of n2 = 64 measurements from a second population with population standard deviation σ2 = 6 had a sample mean of x2 = 11. Test the claim that the population means are different. Use level of significance 0.01.(a) Check Requirements: What distribution does the sample test statistic follow? Explain. The...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT