(7 of 24) Scenario 2 Use the scenario described below to answer the following questions. The Casamigos tequila company produces two different types of tequila: silver and gold. They want to see if people rate the two types differently. If they find a statistically significant difference between the two, they will be able to charge a higher price for the higher rated type of tequila. To test their claim, they conduct a focus group with 200 participants. Each of the participants were asked to rate the tequila on a scale from 1 to 10, with 1 being the worst and 10 being the best tequila they had ever had. Within the group, 75 of the participants were given the silver tequila, and 125 were given the gold tequila. Those who had the silver tequila rated it an average 9.49, while those who had the gold tequila rated it an average 9.24. The known population variance for silver tequila is 0.38 and for gold tequila it is 0.76. Let the silver tequila be population 1 and the gold tequila be population 2. Which of the following would be the correct alternative hypothesis if Casamigos were testing for any difference between the ratings? Consumers rate the silver tequila and the gold tequila the same, on average, or silver = Gold Consumers rate the silver tequila differently than the gold tequila, on average, or silver Gold Consumers rate the silver tequila higher than the gold tequila, on average, or silver > Mgold Consumers rate the gold tequila higher than the silver tequila, on average, or Gold > silver (8 of 24) Scenario 2 Use the scenario described below to answer the following questions. The Casamigos tequila company produces two different types of tequila: silver and gold. They want to see if people rate the two types differently. If they find a statistically significant difference between the two, they will be able to charge a higher price for the higher rated type of tequila. To test their claim, they conduct a focus group with 200 participants. Each of the participants were asked to rate the tequila on a scale from 1 to 10, with 1 being the worst and 10 being the best tequila they had ever had. Within the group, 75 of the participants were given the silver tequila, and 125 were given the gold tequila. Those who had the silver tequila rated it an average 9.49, while those who had the gold tequila rated it an average 9.24. The known population variance for silver tequila is 0.38 and for gold tequila it is 0.76. Let the silver tequila be population 1 and the gold tequila be population 2. Use the information given in the problem to calculate the appropriate 95% confidence interval. Round your answers to 2 decimals. Two Hints:1. Know the difference between the variance and the standard deviation. 2. Make sure you are using the correct formula based on the information given in the problem. The key is to identify what we know (or do not know) about the population standard deviations or variances. Lower Bound: Upper Bound: (9 of 24) Scenario 2 Use the scenario described below to answer the following questions. The Casamigos tequila company produces two different types of tequila: silver and gold. They want to see if people rate the two types differently. If they find a statistically significant difference between the two, they will be able to charge a higher price for the higher rated type of tequila. To test their claim, they conduct a focus group with 200 participants. Each of the participants were asked to rate the tequila on a scale from 1 to 10, with 1 being the worst and 10 being the best tequila they had ever had. Within the group, 75 of the participants were given the silver tequila, and 125 were given the gold tequila. Those who had the silver tequila rated it an average 9.49, while those who had the gold tequila rated it an average 9.24. The known population variance for silver tequila is 0.38 and for gold tequila it is 0.76. Let the silver tequila be population 1 and the gold tequila be population 2. Calculate the appropriate test statistic needed to test if people rate the two types of tequila differently using a 5% significance level. Round your final answer to 4 decimals. Hint, make sure you are using the correct formula based on the information given in the problem. The key is to identify what we know (or do not know) about the population standard deviations or variance. (10 of 24) Scenario 2 Use the scenario described below to answer the following questions. The Casamigos tequila company produces two different types of tequila: silver and gold. They want to see if people rate the two types differently. If they find a statistically significant difference between the two, they will be able to charge a higher price for the higher rated type of tequila. To test their claim, they conduct a focus group with 200 participants. Each of the participants were asked to rate the tequila on a scale from 1 to 10, with 1 being the worst and 10 being the best tequila they had ever had. Within the group, 75 of the participants were given the silver tequila, and 125 were given the gold tequila. Those who had the silver tequila rated it an average 9.49, while those who had the gold tequila rated it an average 9.24. The known population variance for silver tequila is 0.38 and for gold tequila it is 0.76. Let the silver tequila be population 1 and the gold tequila be population 2. Find and enter the absolute value of the correct critical value needed to test your claim at the 5% significance level. Use the tables given to you in class and round your final answer to 3 decimals. Hint, the things you will need to know include alpha, df, is this a one or two-tailed test, and which table to us. (11 of 24) Scenario 2 Use the scenario described below to answer the following questions. The Casamigos tequila company produces two different types of tequila: silver and gold. They want to see if people rate the two types differently. If they find a statistically significant difference between the two, they will be able to charge a higher price for the higher rated type of tequila. To test their claim, they conduct a focus group with 200 participants. Each of the participants were asked to rate the tequila on a scale from 1 to 10, with 1 being the worst and 10 being the best tequila they had ever had. Within the group, 75 of the participants were given the silver tequila, and 125 were given the gold tequila. Those who had the silver tequila rated it an average 9.49, while those who had the gold tequila rated it an average 9.24. The known population variance for silver tequila is 0.38 and for gold tequila it is 0.76. Let the silver tequila be population 1 and the gold tequila be population 2. Use your calculated test statistic and the appropriate table to find the correct range for the p-value for the specified test. Hint, the things you will need to know include alpha, df, is this a one or two-tailed test, and which table to use! p-value > 010 0.05