Question

A recent study focused on the amount of money single men and women save monthly. The information is summarized next. Assume that the population standard deviations are equal. Sample Size Sample Mean Population Standard Deviation Men 25 23 5 Women 30 28 10 At the .01 significance level, do women save more money than men? What is the test statistic for this hypothesis? Select one: a. z-statistic b. t-statistic c. p-statistic d. df-statistic

Answer 1

Answer:

Both means are apprxoimately equal at 1% level of significance.

Step-by-step explanation:

Given is the information summarised below

Group   Men     Women  

Mean 23.00 28.00

SD 5.00 10.00

SEM 1.00 1.83

N 25     30    

H0: Mean of mean = mean of women

Ha: means of men < mean of women

(Left tailed test)

Since population std deviation is known but sample sizes are small t test is used.

The mean of Men minus Women equals -5.00

standard error of difference = 2.201

t = 2.2721

 df = 53

p value= 0.0136

since p >0.01 at 1% significance level we fail to reject H0.

Both means are apprxoimately equal at 1% level of significance.