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A paint manufacturer is interested in determining whether there is a difference in the median time it takes for two different brands of paint to dry once they have been applied to a wall surface. To test this, the company has selected a random sample of 5 walls and applied brand 1 and another 5 walls and applied brand 2. The following data reflect the actual drying time in hours: a. If you are unwilling to make the assumptions necessary to use a t-test, what test would you recommend in this situation? b. What would be the appropriate null and alternative hypothesis? c. Using an alpha level equal to .05, conduct the hypothesis test and state the conclusion.
Maximum
The highest attainable level or value in a given set of data or a particular function.
Monopolistic Competition
A market structure characterized by many sellers offering differentiated products, with some control over pricing but in a competitive environment.
Price-Making Ability
The capacity of a firm or entity to influence the price of goods or services in the market rather than accepting the market price as given.
Marginal Cost
The outlay required to produce an additional unit of a product or service.
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