Test Hypotheses Regarding the Difference of Two Independent Means
-A $\alpha = 0.05$

question 49

Short Answer

Test Hypotheses Regarding the Difference of Two Independent Means
-A local supermarket claims that the waiting time for its customers to be served is the lowest in the area. A competitor's supermarket checks the waiting times at both supermarkets. The sample statistics are listed below. Test the local supermarket's hypothesis. Use $\alpha = 0.05$ .
Local Supermarket Competitor Supermarket
$$\begin{array} { l l } \mathrm { n } _ { 1 } = 15 & \mathrm { n } _ { 2 } = 16 \\\overline { \mathrm { x } } 1 = 5.3 \text { minutes } & \overline { \mathrm { x } } 2 = 5.6 \text { minutes } \\\mathrm { s } _ { 1 } = 1.1 \text { minutes } & \mathrm { s } _ { 2 } = 1.0 \text { minutes }\end{array}$$

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Definitions:

Market Prices

Refers to the specific values at which commodities, securities, or services are traded in a competitive marketplace.

Shortages

Occur when the demand for a good or service exceeds its supply in a given market, often leading to price increases.

Allocative Efficiency

Occurs when resources are distributed in a way that maximizes the net benefit to society.

Least Costly Way

Refers to a method or strategy that aims to achieve a particular goal or produce a specific outcome with the minimum possible expense or use of resources.