Conclude there is no difference in average assembly times/ Econometrics
1. A realtor is interested in comparing the asking prices of homes in Philadelphia and Baltimore. A random sample of 21 listings in Philadelphia resulted in a sample mean price of $185,900 with a sample standard deviation of $2,300. A random sample of 26 listings in Baltimore resulted in a sample mean price of $184,500 with a sample standard deviation of $1,750. At a 5% level of significance, test to see if there is any difference in the mean asking prices in the two cities.
2. Two processes in a manufacturing line are performed manually: Operation “A” and Operation “B”. A random sample of 50 different assemblies using “A” shows a sample mean time of 8.05 minutes with a sample standard deviation of 1.36 minutes. A random sample of 38 different assemblies using “B” shows a sample mean time of 7.26 minutes and a sample standard deviation of 1.06 minutes. At a 5% level of significance, can you conclude that there is no difference in the average assembly times?
