A Local Retail Business Wishes to Determine If There Is $\neq$

question 87

Multiple Choice

A local retail business wishes to determine if there is a difference in preferred indoor temperature between men and women. A random sample of data is collected, with the following results (note: there are slight differences between Excel and MegaStat output in this test) :
Using a 0.05 level of significance, can we conclude that there is indeed a difference in the temperature that men prefer compared to women?
What is the null hypothesis if we assume men to be group 1 and women group 2?

• A) µ₁ = µ_2, or µ_d = 0
• B) µ₁ \(\neq\) µ_2, or µ_d \(\neq\) 0
• C) µ₁ - µ₂ \(\le\) 20
• D) µ₁ - µ₂ > 20

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Definitions:

Probability

A gauge for the chances of an event taking place, measured by numbers from 0 to 1.

English Auction

A type of auction in which the price ascends and participants bid openly against one another, with the item going to the highest bidder.

Rational Self-Interest

An economic theory that suggests individuals make decisions based on the best outcome for themselves, taking into account the costs and benefits of each option.

Values

Representations of the importance, worth, or usefulness of something, often guiding decision-making and behavior.