A Marketing Firm Asked a Random Set of Married and Single

question 25

Multiple Choice

A marketing firm asked a random set of married and single men how much they were willing to spend for a vacation. At ${ } ^ { \star } = .05$ , is a difference in the two amounts?
$\begin{array}{|l|c|c|}\hline & \text { Married men } & \text { Single men } \\\hline \text { Sample size } & 80 & 60 \\\hline \text { Mean spending } & 380 & 325 \\\hline \text { Sample variance } & 6000 & 8000 \\\hline\end{array}$

• A) No, because the test value 0.26 is inside the interval (-1.96, 1.96)
• B) Yes, because the test value 3.81 is outside the interval (-1.96, 1.96)
• C) Yes, because the test value 1.33 is inside the interval (-1.96, 1.96)
• D) No, because the test value 1.33 is outside the interval (-1.96, 1.96)

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Definitions:

Demand

The desire for a particular product or service combined with the ability and willingness to pay for it.

Complementary Goods

Complementary Goods are products or services that are often used together, where the demand for one increases the demand for the other, like smartphones and data plans.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded at those prices.

Price

The charge established, required, or paid in exchange for an object.