Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. For Business versus Engineering majors conduct a full, two-sample hypothesis test using the p value method at the 0.01% significance level (assume the variances

. For Business versus Engineering majors conduct a full, two-sample hypothesis test using the p value method at the 0.01% significance level (assume the variances are not equal). Claim: the average 30-Year ROI for Business majors is less than for Engineering Majors. a. Will one of the two majors cost more than the other according to the average cost calculated in Week 2 with the sample data? If so, which one? b. Does the hypothesis tests support that one of the two majors costs more than another? If so, which one costs more? c. Why did we need the hypothesis test if Week 2 showed us which school from the sample cost more? d. According to these results, what would you tell our student who is choosing between majors if he/she asked, What is it going to cost to attend a business/engineering school?

week 2 sample data

School Type Cost 30 Year ROI Annual ROI
Private $221,700.00 $2,412,000.00 8.70%
Private $213,000.00 $2,064,000.00 8.30%
Private $230,100.00 $1,949,000.00 7.90%
Private $222,600.00 $1,947,000.00 8.00%
Private $225,800.00 $1,938,000.00 8.00%
Public $87,660.00 $1,937,000.00 11.20%
Private $224,900.00 $1,915,000.00 7.90%
Private $221,600.00 $1,878,000.00 7.90%
Public $125,100.00 $1,854,000.00 9.80%
Private $215,700.00 $1,794,000.00 7.90%
Public $92,530.00 $1,761,000.00 10.60%
Private $217,800.00 $1,752,000.00 7.70%
Public $89,700.00 $1,727,000.00 10.70%
Public $229,600.00 $1,716,000.00 7.50%
Public $101,500.00 $1,703,000.00 10.20%
Public $115,500.00 $1,694,000.00 9.70%
Public $104,500.00 $1,690,000.00 10.10%
Public $69,980.00 $1,685,000.00 11.50%
Private $219,400.00 $1,676,000.00 7.60%
Public $64,930.00 $1,668,000.00 11.70%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Cost Accounting

Authors: Don R. Hansen, Maryanne Mowen, Liming Guan, Mowen/Hansen

1st International Edition

0538749636, 978-0538749633

More Books

Students also viewed these Accounting questions

Question

The majority of money is created when

Answered: 1 week ago