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Chapter 10 Practice Problems

# Chapter 10 Practice Problems - Chapter 10 Practice Problems...

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Chapter 10: Practice Problems Q1. Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized below. Consultant A has 10 years of experience while consultant B has 1 year of experience. Using 5% level of significance, test to see whether the consultant with the more experience has the higher population mean service rating. Table 1 Consultant A Consultant B

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a. Formulate the appropriate null and alternative hypotheses. b. Compute the value of the test statistic. c. What is your conclusion? d. What can you say about the p-value?
e. Construct a 95% confidence interval for the difference between the means of the two populations. What is your conclusion based on this confidence interval? f. In Table 1 make only the following changes: , and . Which test statistic would you compute, t or z?

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Chapter 10 Practice Problems - Chapter 10 Practice Problems...

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