Author Question: Data was collected from CEOs of companies within both the low-tech industry and the consumer ... (Read 163 times)

serike · **on:** Feb 14, 2020

Data was collected from CEOs of companies within both the low-tech industry and the consumer products industry. The following printout compares the mean return-to-pay ratios between CEOs in the low tech industry with CEOs in the consumer products industry.

HYPOTHESIS: MEAN X = MEAN Y

SAMPLES SELECTED FROM RETURN

industry 1

(low tech)

(NUMBER = 15)

industry 3

(consumer products)

(NUMBER = 15)

_____________________________________________________________

X =

industry1

Y =

industry3

SAMPLE MEAN OF X =

157

.286

SAMPLE VARIANCE OF X =

1563

.45

SAMPLE SIZE OF X =

14

SAMPLE MEAN OF Y =

217

.583

SAMPLE VARIANCE OF Y =

1601

.54

SAMPLE SIZE OF Y =

12

MEAN X - MEAN Y =

-60

.2976

t =

-4

.23468

P-VALUE =

0

.000290753

P-VALUE/2 =

0

.000145377

SD. ERROR =

14

.239

If we conclude that the mean return-to-pay ratios of the consumer products and low tech CEOs are equal when, in fact, a difference really does exist between the means, we would be making a __________.
◦ Type III error
◦ Type I error
◦ Type II error
◦ correct decision

ciecieme · **Reply #1 on:** Feb 14, 2020

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