Answer:
Step-by-step explanation:
a. The data should be analyzed using paired samples because the economist made two measurements (samples) drawn from the same pair of identical cards. Each data point in one sample is uniquely paired to a data point in the second sample.
b. A pair is made up of two identical cards where one would go into Dutch auction and the other to the first-price sealed bid auction.
c. The explanatory variables are the types of online auction which are the Dutch auction and the first price sealed bid auction. The explanation variable here is categorical: the Dutch auction and the first price sealed bid auction.
d. The response variable which is also known as the outcome variable is prices for the 2 different auction for each pair of identical cards. This variable is quantitative.
e. Null Hypothesis in words: There is no difference in the prices obtained in the two different online auction.
Alternative hypothesis: There is a difference in the prices obtained in the two different online auction.
f. The parameter of interest in this case is the mean prices of pairs of identical cards for both auction and is assigned p.
g. Null hypothesis: p(dutch) = p(first-price sealed auction)
Alternative hypothesis: p(dutch) =/ p(first-price sealed auction)
h. Assuming the p-value is 0.17 at an assed standard 0.05 significance level, our conclusion would be to fail to reject the null hypothesis as 0.17 is greater than 0.05 or even 0.01 and we can conclude that, there is no statistically significant evidence to prove that there is a difference in the prices obtained in the two different online auction.
Answer: $24.50
Post office:£1 = $1.27
£350 = $1.27 × 350 = $444.50
Bank:£1 = $1.34
£350 = $1.34 × 350 = $469
Therefore, the difference will be:
= $469 - $444.50
= $24.50
Answer:
Metamorphic rocks are rocks that have undergone a change from their original form due to changes in temperature, pressure or chemical alteration. The classification of metamorphic rocks is based on the minerals that are present and the temperature and pressure at which these minerals form.
Step-by-step explanation:
