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Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different advertising...

Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different advertising approaches, it uses different media to reach potential buyers. The mean annual family income for 12 people making inquiries at the first development is $153,000, with a standard deviation of $42,000. A corresponding sample of 24 people at the second development had a mean of $171,000, with a standard deviation of $30,000. Assume the population standard deviations are the same.
1.

State the decision rule for .05 significance level: H0: ?1 = ?2; H1:?1 ? ?2. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)
  Reject H0 if t is not between  and .
2.

Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.)
  Value of the test statistic   
3. At the .05 significance level, can Fairfield conclude that the population means are different?
  (Click to select)RejectDo not reject H0. Fairfield
math   Statistics-And-Probability   
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Solution: Null Hypothesis:Ho 2 Alternate Hypothesis: Ha: ?1 12 Part-1: a 0.05 The test is a two tailed test. Hence, a/2 0.05/2 0.025 Degrees of Freedom -df - n + n2 2 12 24-2 34 Critical value: From t-distribution table; the critical value of t corresponding to (a/2 0.025) and for (df 34), is given by: 2.032 Since the test is a two tailed test, the critical values are: t2.032 Reject Ho if t is not between 2.032 and +2.032 Part-2: Pooled standard deviation spV[(n,-1)s(n2 1)s21/(n n2-2) Sp(12-1) X 420002 + (24-1) X 30000 1/(12 + 24- 2) Sp34344.28

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