Independent Random Samples of N₁ = 150 and N₂ =

question 95

Short Answer

Independent random samples of n₁ = 150 and n₂ = 150 sales phone calls for an insurance policy were randomly selected from binomial populations 1 and 2, respectively. Sample 1 had 80 successful sales, and sample 2 had 88 successful sales. Suppose you have no preconceived theory concerning which parameter, p₁ or p₂, is the larger and you wish to detect only a difference between the two parameters if one exists.
Calculate the standard error of the difference in the two sample proportions, . Make sure to use the pooled estimate for the common value of p.
______________
Calculate the test statistic that you would use for the test above. Based on your knowledge of the standard normal distribution, is this a likely or unlikely observation, assuming that H₀ is true and the two population proportions are the same?
Test statistic = ______________
Find the p-value for the test. Test for a significant difference in the population means at the 1% significance level.
p-value = ______________
Find the rejection region when = 0.01. Do the data provide sufficient evidence to indicate a difference in the population proportions?
Critical Value(s) = ______________
Conclusion: ______________
Interpretation: __________________________________________

Understand the relationship between consumer expectations and demand for goods.

Acknowledge the role of advertising and public perception in influencing the demand for goods.

Comprehend the impact of technological advancements on market demand.

Recognize the implications of external factors such as taxes and public policies on market demand.

---

Definitions:

Performance Feedback

Information given to an individual or group about their behaviors, efforts, and accomplishments related to their performance.

Effective Delegation

The process of assigning responsibility and authority to someone else to complete a clearly defined and agreed upon task while you retain ultimate responsibility for its success.

Performance Timetable

A schedule detailing the expected timelines for completing tasks or achieving milestones in a project or activity.

Formal Structure

The officially recognized structure of roles, duties, and relationships within an organization.