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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. 1. State the decision rule for .01 significance level: Ho: M₁ = µ₂; H₁: M₁ # μ₂. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.) Reject Ho if t is not between 2. Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.) Value of the test statistic and 3. At the .01 significance level, can Fairfield conclude that the population means are different? (Click to select) Ho. Fairfield (Click to select) conclude that the population means are different.

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. 1. State the decision rule for .01 significance level: Ho: M₁ = µ₂; H₁: M₁ # μ₂. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.) Reject Ho if t is not between 2. Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.) Value of the test statistic and 3. At the .01 significance level, can Fairfield conclude that the population means are different? (Click to select) Ho. Fairfield (Click to select) conclude that the population means are different.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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7 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. 1. State the decision rule for .01 significance level: Ho: M₁ = M2; H₁:4₁ # 2. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.) Reject Ho if t is not between 2. Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.) Value of the test statistic and 3. At the .01 significance level, can Fairfield conclude that the population means are different? (Click to select) Ho. Fairfield (Click to select) conclude that the population means are different.
Transcribed Image Text:7 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. 1. State the decision rule for .01 significance level: Ho: M₁ = M2; H₁:4₁ # 2. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.) Reject Ho if t is not between 2. Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.) Value of the test statistic and 3. At the .01 significance level, can Fairfield conclude that the population means are different? (Click to select) Ho. Fairfield (Click to select) conclude that the population means are different.
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