QUESTION 1. 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 78.4. 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 79 and the average test score for the second class is 83.7. 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 76.2 and 100.9. 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 25.4 and 31.7 while the estimated standard error is 8.1. 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 56.5 and 45.2 while the estimated standard error is 8.8. 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. 3 points
QUESTION 9. 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. How many degrees of freedom are there? 2 points
QUESTION 10. 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. True or False: we reject the null hypothesis of equal means for quantity demanded at the .05 level of significance. True False 3 points
QUESTION 11. Suppose that the average wekly wage for women in the US is around $740 (see BLS report) while the average weekly wage for men is around $900. Suppose that the respective sample sizes are 1000 each and the standard deviations are $300 and $450. To test for the equality of the wages for the two populations what is the test statistic? Answer to two decimal places. Hint: your number should be negative. 4 points
QUESTION 12. For a given standard error, the larger the difference between two point estimates the greater the p-value for a test of the equality of means. (Hint, try it with two sets of numbers and the same standard error and see which one has the larger p-value then look at it to see if that was a coincidence or if that will always be the case). True False 2 points
QUESTION 13. The test statistic for a hypothesis test concerning the equality of two means when the standard deviations are known and the samples are independent with more than 30 observations each follows which distribution?
QUESTION 14. The test statistic for a hypothesis test concerning the equality of two means when the population standard deviations are not known and the samples are independent with more than 30 observations each follows which distribution? t z F Chi square 1 points
QUESTION 15. The test statistic for a hypothesis test concerning the equality of two means when the population standard deviations are not known and the samples are matched (or paired) follows which distribution?