Question
Periodically, customers of a financial services company are asked to evaluate the company's financial consultants and services. Higher ratings on the client satisfaction survey indicate
Periodically, customers of a financial services company are asked to evaluate the company's financial consultants and services. Higher ratings on the client satisfaction survey indicate better service, with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use
= 0.05
and test to see whether the consultant with more experience has the higher population mean service rating.
Consultant A | Consultant B |
---|---|
n1 = 16 | n2 = 10 |
x1 = 6.81 | x2 = 6.29 |
s1 = 0.64 | s2 = 0.75 |
What is the p-value? (Round your answer to four decimal places.)
p-value =
question 2
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices obtained from a sample of retail outlets follow.
Retail Outlet | Model Price ($) | |
---|---|---|
Deluxe | Standard | |
1 | 39 | 27 |
2 | 38 | 28 |
3 | 45 | 35 |
4 | 38 | 30 |
5 | 40 | 30 |
6 | 39 | 35 |
7 | 35 | 29 |
Calculate the value of the test statistic. (Round your answer to three decimal places.)
=
Calculate the p-value. (Round your answer to four decimal places.)
p-value =
What is the 95% confidence interval for the difference between the mean prices of the two models (in dollars)? (Round your answers to nearest cent. Use the mean price for the deluxe model the mean price for the standard model.)
$ to $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started