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A recent study compared the time spent together by single and dual- earner couples. According to the records kept during the study, the mean amount of time spent together watching TV among single- earner couples was 61 minutes per day, with a standard deviation of 15.5 minutes. For the dual-earner couples, the mean time was 48.4 and the standard deviation was 18.1. At a 0.01 significance level, can we conclude that the single-earner couples on average spend more time watching TV together? There were 15 single-earner and 12 dual-earner couples studied. State the decision rule, the value of the test statistic, and your decision.
Payoff Table
A tabular representation of the outcomes (payoffs) of different decisions under various states of nature.
Advertising Budget
The amount of money allocated towards promoting a product, service, or brand during a set period.
Sales Increase
A rise in the quantity or amount of products or services sold over a specific period.
Opportunity Loss
The loss of potential gain when one alternative is chosen over another.
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