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I want to know whether people are likely to offier a different amount for a used camera when buyging from a friend than when buying
I want to know whether people are likely to offier a different amount for a used camera when buyging from a friend than when buying from a stranger. I have bid prices from eight subjects buying from a friend and seven buying from strangers. The mean amount when buying from a friend is $100 with a standard dev of $20 and the meann amount when buying from a stranger is $109 with a standard deviation of $12. Use an alpha level of 0.1. With a p-value of (round to two decimal places) we (reject/fail to reject) the null hypothesis and conclude (there is / there is not) a statistically significant difference in the average spent buying form friends versus a stranger. Adapted from: Intro Stats - Veaux, Velleman, Bock
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