Reference no: EM132515181

Question 1). A group of young businesswomen wish to open a high fashion boutique in a vacant store but only if the average income of households in the area is at least $25,000. A random sample of 9 households showed the following results. Assume the population of incomes is normally distributed. Test at 0.05 level of significance.

$28,000 $25,000 $27,000 $26,000 $22,000 $24,000 $26,000 $23,000 $24,000

Question 2). Insurance: In an insurance study of worker's deaths in a heavy mechanical complex of a country, monthly fatalities are analyzed for two different time periods. Sample data from the both time periods are summarized by the following statistics:

n1 = 12, x¯1 = 46.42, s1 = 11.07 n2 = 15, x¯2 = 51.06, s2 = 10.39

At 0.05 level of significance, test the claim that both time periods have the same mean.