Model 1 Model 2 Pickup Trucks Grading rules (this question is 10 points) 17.4 17

Question

Model 1 Model 2 Pickup Trucks Grading rules (this question is 10 points) 17.4 17.5 Excel test output 3 points 23.3 23.7 The following data represents retail price (in thousands of dollars) for independent random samples of models of pickup trucks. State hypothesis (null and alternative) 2 points 29.2 20.8 p-value 3 points 19.2 22.5 conclusion 2 points 17.6 24.3 19.2 26.7 23.6 24.5 Suppose we want to test if the retail price for the two models of pickup trucks are different. (significant level=0.05) 19.5 17.8 22.2 29.4 24 29.7 26.4 20.1 23.7 21.1 29.4 22.1 23.7 24.2 26.7 27.4 Excel test output : 24 28.1 24.9 23.7 19.2 21.0 24.3 24.0 26.6 25.0 25.1 21.7 22.1 State hypothesis (null and alternative) p-value conclusion Model 1 Model 2 Pickup Trucks Grading rules (this question is 10 points) 17.4 17.5 Excel test output 3 points 23.3 23.7 The following data represents retail price (in thousands of dollars) for independent random samples of models of pickup trucks. State hypothesis (null and alternative) 2 points 29.2 20.8 p-value 3 points 19.2 22.5 conclusion 2 points 17.6 24.3 19.2 26.7 23.6 24.5 Suppose we want to test if the retail price for the two models of pickup trucks are different. (significant level=0.05) 19.5 17.8 22.2 29.4 24 29.7 26.4 20.1 23.7 21.1 29.4 22.1 23.7 24.2 26.7 27.4 Excel test output : 24 28.1 24.9 23.7 19.2 21.0 24.3 24.0 26.6 25.0 25.1 21.7 22.1 State hypothesis (null and alternative) p-value conclusion

Explanation / Answer

Here is below the excel output here. Here we will use t- test for equal variances here.  

(b) Here,

Null Hypothesis : H0 : Model 1 = Model 2

Alternative Hypothesis : Ha :  Model 1   Model 2

(c) p - value here = 0.7324 (two tailed test here) > 0.05

so we will reject the null hypothesis.

(d) Here we can conclude that there is no statistically significant difference between model 1 and model 2 in terms of retail price (in thousands of dollars) of pickup trucks

t-Test: Two-Sample Assuming Equal Variances Model 1 Model 2 Mean 23.25 23.61052632 Variance 10.9773913 12.46654971 Observations 24 19 Pooled Variance 11.63116816 Hypothesized Mean Difference 0 df 41 t Stat -0.344249642 P(T<=t) one-tail 0.366209011 t Critical one-tail 1.682878003 P(T<=t) two-tail 0.732418022 t Critical two-tail 2.019540948

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