In order to estimate the difference between the MEAN yearly incomes of marketing managers in the East...

60.1K

Verified Solution

Question

Statistics

In order to estimatethe difference between the MEAN yearly incomes of marketingmanagers in the East and West of the United States, the followinginformation was gathered.
East
West
n = 40
N = 42
X = $73,000
X= $71,500
S = 3500
S= 4000
Develop an interval estimatefor the difference between the MEAN yearly incomes of the marketingmanagers in the East and West. Use Î± = 0.05. Note that thepopulation standard deviation is unknown, but the sample standarddeviation is known. You will also need to calculate the degrees offreedom as shown on page 434 so that you can calculate t...
You will reuse a lot of whatyou did in the problem above. Use the p-value approach to conduct afull hypothesis test to determine if the MEAN yearly income ofmarketing managers in the East is significantly different from theWest. p. 435 can help. Your difference in your formula is 0.

Answer & Explanation Solved by verified expert

4.0 Ratings (623 Votes)

Answer 1 As the population sd is unknown we will use t table to construct the interval Degrees of freedom is smaller of n11 n21 39 For df 39 and test 95 confidence level See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member