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CONSIDER TWO CLASSES OF BUSINESS STATISTICS.....

CONSIDER TWO CLASSES OF BUSINESS STATISTICS.....

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Author: Christine Farr
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Consider two classes of business statistics.  Suppose that average test score for the first class is 81 and the average test score for the second class is 76.9.  What is the point estimate for the difference in the mean test scores?  Answer to as many decimal places as necessary.

2 points   
 
QUESTION 2
Consider two classes of business statistics.  Suppose that average test score for the first class is 81 and the average test score for the second class is 83.  What is the point estimate for the difference in the mean test scores?  Answer to as many decimal places as necessary.

2 points   
 
QUESTION 3
You are going to test a hypothesis concerning the difference between two population means.  One of the steps to do this is to find the standard error.  Suppose you have two samples with 50 observations each and standard deviations of 71.5 and 60.4.  What is the standard error?  Answer to two decimal places.

2 points   
 
QUESTION 4
You are going to test a hypothesis concerning the difference between two population means.  One of the steps to do this is to find the standard error.  Suppose you have two samples with 40 observations each and standard deviations of 70 and 102.1.  What is the standard error?  Answer to two decimal places.

2 points   
 
QUESTION 5
You are going to test a hypothesis concerning two means where the null hypothesis involves a difference of 0.  Suppose that your two sample means are 27.9 and 28.6 while the estimated standard error is 3.  What is the test statistic?  Answer to two decimal places.

2 points   
 
QUESTION 6
You are going to test a hypothesis concerning two means where the null hypothesis involves a difference of 0.  Suppose that your two sample means are 56.7 and 44.6 while the estimated standard error is 2.3.  What is the test statistic?  Answer to two decimal places.

2 points   
 
QUESTION 7
Hint: this question relates to paired samples.  The treatments are the different markets and the observations are taken at varying prices.
Suppose you have a product which you sell in two markets of comparable size and you want to test the hypothesis that the demand for the product is the same in the two markets.  In practice you test that the quantity demanded is the same and find that for sample of 17 different time periods with different prices the average quantity demanded in the first market is 1765 and in the second market it is 1688.  The standard deviation of the differences is 60.5.  What is the standard error?  Answer to two decimal places.

3 points   
 
QUESTION 8
Suppose you have a product which you sell in two markets of comparable size and you want to test the hypothesis that the demand for the product is the same in the two markets.  In practice you test that the quantity demanded is the same and find that for sample of 17 different time periods with different prices the average quantity demanded in the first market is 1765 and in the second market it is 1688.  The standard deviation of the differences is 60.5.  What is the test statistic?  Answer to two decimal places.


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