The Cranston Hardware Company Is Interested in Estimating the Difference

question 4

True/False

The Cranston Hardware Company is interested in estimating the difference in the mean purchase for men customers versus women customers.It wishes to estimate this difference using a 95 percent confidence level.Assume that the variances are equal and the populations normally distributed.The following data represent independent samples from each population: Based on these data,the company can conclude that there is a statistical difference between men and women with regard to mean spending at the hardware store with men tending to spend more on average than women.

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Definitions:

Fixed Prices

Prices that do not change in response to market fluctuations, often set by government regulation or by agreement between parties.

Total Spending

The aggregate amount of expenditure by all sectors of the economy, including households, businesses, government, and foreign buyers.

Larger Output

Production at a higher volume, often pursued to achieve economies of scale and reduce the average cost per unit.

Government Purchases

Expenditures by the government sector for goods and services that government consumes in providing public services and for public capital that has long-term usage.