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 4.6. A random sample of 8 observations from another population revealed a sample mean of 27 and a sample standard deviation of 4.6. The population standard deviations are unknown but assumed to be equal. At the 0.01 significance level, is there a difference between the population means? a. State the decision rule. b. Compute the pooled estimate of the population variance. c. Compute the test statistic.
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 4.6. A random sample of 8 observations from another population revealed a sample mean of 27 and a sample standard deviation of 4.6. The population standard deviations are unknown but assumed to be equal. At the 0.01 significance level, is there a difference between the population means? a. State the decision rule. b. Compute the pooled estimate of the population variance. c. Compute the test statistic.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 4.6. A random sample of 8 observations from another population revealed a sample mean of 27 and a sample standard deviation of 4.6. The population standard deviations are unknown but assumed to be equal. At the 0.01 significance level, is there a difference between the population means?
a. State the decision rule.
b. Compute the pooled estimate of the population variance.
c. Compute the test statistic.
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