Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In order to estimate the difference between the average yearly incomes of marketing managers in the East and West of the United States, the following

image text in transcribed
In order to estimate the difference between the average yearly incomes of marketing managers in the East and West of the United States, the following information was gathered. East West n1 = 38 n2 = 42 x1 = 66 (in $1,000) X2 = 72 (in $1,000) $1 = 6 (in $1,000) $2 = 8 (in $1,000) (a) Develop an interval estimate for the difference between the average yearly incomes of the marketing managers in the East and West. Use 98% confidence. (Use East - West. Round your answers to three decimal places.) At a = 0.02, use the p-value approach and test to determine if the average yearly income of marketing managers in the East is significantly different from those in the West. (Let d = East - West.) (i) Formulate the hypotheses. O HO: H 1 - H 2 = 0 Ha : M 1 - 1 2 = 0 Ho: M 1 - 1 2 > o OH: M 1 - M2so HO : H 1 - H 2 + 0 OH2: M1 - M 2 = 0 Ho : H 1 - M 2 so OH: M 1 - M 2 = 0 Ho : M 1 - M 2 so OH: M 1 - M 2 > o (ii) What is the value of the test statistic? (Round your answer to three decimal places.) (iii) What is the p-value? (Round your answer to five decimal places.) p-value =

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

Elementary Statisitcs

Authors: Barry Monk

2nd edition

1259345297, 978-0077836351, 77836359, 978-1259295911, 1259295915, 978-1259292484, 1259292487, 978-1259345296

More Books

Students also viewed these Mathematics questions