A marketing firm is doing research for an Internet-based company. It wants to appeal to the age group of people who spend the most money online. The company wants to know if there is a difference in the mean amount of money people spend per month on Internet purchases depending on their age bracket. The marketing firm looked at two age groups, 18-24 years and 25-30 years, and collected the data shown in the following table. Let Population 1 be the amount of money spent per month on Internet purchases by people in the 18-24 age bracket and Population 2 be the amount of money spent per month on Internet purchases by people in the 25-30age bracket. Assume that the population variances are not the same. Internet Spending per Month 1818-2424 Years 2525-3030 Years Mean Amount Spent 62.75 55.47 Standard Deviation 15.12 16.46 Sample Size 16 21
A marketing firm is doing research for an Internet-based company. It wants to appeal to the age group of people who spend the most money online. The company wants to know if there is a difference in the mean amount of money people spend per month on Internet purchases depending on their age bracket. The marketing firm looked at two age groups, 18-24 years and 25-30 years, and collected the data shown in the following table. Let Population 1 be the amount of money spent per month on Internet purchases by people in the 18-24 age bracket and Population 2 be the amount of money spent per month on Internet purchases by people in the 25-30age bracket. Assume that the population variances are not the same. Internet Spending per Month 1818-2424 Years 2525-3030 Years Mean Amount Spent 62.75 55.47 Standard Deviation 15.12 16.46 Sample Size 16 21
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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A marketing firm is doing research for an Internet-based company. It wants to appeal to the age group of people who spend the most money online. The company wants to know if there is a difference in the mean amount of money people spend per month on Internet purchases depending on their age bracket. The marketing firm looked at two age groups, 18-24 years and 25-30 years, and collected the data shown in the following table. Let Population 1 be the amount of money spent per month on Internet purchases by people in the 18-24 age bracket and Population 2 be the amount of money spent per month on Internet purchases by people in the 25-30age bracket. Assume that the population variances are not the same.
Internet Spending per Month
| 1818-2424 Years | 2525-3030 Years | |
|---|---|---|
| Mean Amount Spent | 62.75 | 55.47 |
| Standard Deviation | 15.12 | 16.46 |
| 16 | 21 |
Step 1 of 2:
Construct an 80% confidence interval for the true difference between the mean amounts of money per month that people in these two age groups spend on Internet purchases. Round the endpoints of the interval to two decimal places, if necessary.
Interpret the confidence interval (0.29,14.27)(0.29,14.27) obtained in Step 1. and why
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