Estimate difference between mean prices of two brands

Reference no: EM13148154

A marketing manager wishes to compare the mean prices charged for two brands of CD players. The manager conducts a random survey of retail outlets and obtains independent random samples of prices with the following results:

Sample mean onkyo 189 jvc145

Sample standard deviation onkyo 12 jvc 10

Sample size onkyo 6 jvc 12

Assuming normality and equal variances;

Use an appropriate hypothesis test to determine whether the mean prices for the two brands differ. How much evidence is there that the mean prices differ?

Use an appropriate 95 percent confidence interval to estimate the difference between the mean prices of the two brands of cd players. Do you think that the difference haspractical importance?

Use an appropriate hypothesis test to provide evidence supporting the claim that the mean price of the Onkyo CD player is more than $30 higher than the mean price for the JVC CD player. Set α equal to .05

Reference no: EM13148154

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