You may need to use the appropriate appendix table or technology to answer this question. 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. \table[[East, West], [n = 41, n = 47 You may need to use the appropriate appendix table or technology to answer this question. 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 91-41 West 13-47 -66 (in $1,000) 71 (in $1,000) 5-6 (in $1,000) S₂-9 (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.) x to 9.268 -0.732 x (b) 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. 20 Mol-20 Ο M-250 20 (1) What is the value of the test statistic? (Round your answer to three decimal places.) -3.1 (iii) What is the p-value? (Round your answer to five decimal places.) p-value-
You may need to use the appropriate appendix table or technology to answer this question. 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. \table[[East, West], [n = 41, n = 47 You may need to use the appropriate appendix table or technology to answer this question. 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 91-41 West 13-47 -66 (in $1,000) 71 (in $1,000) 5-6 (in $1,000) S₂-9 (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.) x to 9.268 -0.732 x (b) 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. 20 Mol-20 Ο M-250 20 (1) What is the value of the test statistic? (Round your answer to three decimal places.) -3.1 (iii) What is the p-value? (Round your answer to five decimal places.) p-value-
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![You may need to use the appropriate appendix table or technology to answer this question. 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. \table[[East, West], [n = 41, n = 47
You may need to use the appropriate appendix table or technology to answer this question.
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
91-41
West
13-47
-66 (in $1,000) 71 (in $1,000)
5-6 (in $1,000)
S₂-9 (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.)
x to 9.268
-0.732
x
(b) 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.
20
Mol-20
Ο
M-250
20
(1) What is the value of the test statistic? (Round your answer to three decimal places.)
-3.1
(iii) What is the p-value? (Round your answer to five decimal places.)
p-value-](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F06626787-9cb4-4222-bb27-39dcf42cb6cc%2F7b1372ee-fa68-4c0e-a70e-ed8c890550dd%2Fazg5p9v_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You may need to use the appropriate appendix table or technology to answer this question. 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. \table[[East, West], [n = 41, n = 47
You may need to use the appropriate appendix table or technology to answer this question.
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
91-41
West
13-47
-66 (in $1,000) 71 (in $1,000)
5-6 (in $1,000)
S₂-9 (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.)
x to 9.268
-0.732
x
(b) 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.
20
Mol-20
Ο
M-250
20
(1) What is the value of the test statistic? (Round your answer to three decimal places.)
-3.1
(iii) What is the p-value? (Round your answer to five decimal places.)
p-value-
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