A foresting service conducted a survey to see if tree farms that planted hardwood trees were more profitable over a 30-year peri
od than tree farms that planted softwood trees. The results of this study showed that hardwood trees had a 46% higher profit per acre. Are the results statistically significant?1. No, because planting softwood trees have a higher profit per acre.2. No, because there is not enough information given to make a conclusion.3. Yes, because the chance of getting a similar result is small.4. Yes, because planting hardwood trees have a higher profit per acre.
The results are statistically significant because planting hardwood trees have a higher profit per acre.
Step-by-step explanation:
From the question above,
It shows that hardwood trees had a 46% higher Profit per acre than softwood trees.
Meaning that for every $100 made on softwood trees, $146 profit would be made on hardwood trees i(including both primary and secondary expenses; making the hardwood trees more profitable.
The information given is enough to reach a conclusion that planting hardwood trees have a higher profit per acre than softwood trees.
