Question

In: Statistics and Probability

As a member of the international strategic management team in your company, you are assigned the...

As a member of the international strategic management team in your company, you are assigned the task of exploring potential foreign market entry. As part of your initial investigation, you want to know if there is a difference between developed markets and emerging markets with respect to the time required to start a business. You select 15 developed countries and 15 emerging countries. The time required to start a business, defined as the number of days needed to complete the procedures to legally operate a business in these countries

Country Level of Development Time Required to Start a Business (days)
Argentina Emerging 26
Australia Developed 2
Austria Developed 25
Brazil Emerging 119
Canada Developed 5
Chile Emerging 8
China Emerging 33
Denmark Developed 6
Egypt Emerging 7
Finland Developed 14
France Developed 7
Germany Developed 15
Hungary Emerging 5
India Emerging 27
Italy Developed 6
Japan Developed 23
Korea, Rep. Emerging 7
Malaysia Emerging 6
Mexico Emerging 9
Poland Emerging 32
Romania Emerging 10
Russian Federation Emerging 18
Singapore Developed 3
South Africa Emerging 19
Spain Developed 28
Sweden Developed 16
Switzerland Developed 18
Thailand Emerging 29
United Kingdom Developed 13
United States Developed

6

  1. Assuming that the population variances for developed countries and emerging countries are unknown and equal, is there evidence of a difference in the mean time required to start a business between developed countries and emerging countries? (Use alpha = 5%).
  2. Determine the p-value in (a) and interpret its meaning
  3. In addition to equal variances, what other assumption is necessary in (A)

Kindly provide step by step solution for excel with the conclusion.

Solutions

Expert Solution

Enter the data into Excel.

Now, do the following steps:

Select the data.

The output is:

The hypothesis being tested is:

H0: µ1 = µ2

H1: µ1 ≠ µ2

The p-value is 0.152525.

Since the p-value (0.152525) is greater than the significance level (0.05), we fail to reject the null hypothesis.

Therefore, we cannot conclude that there is a difference in the mean time required to start a business between developed countries and emerging countries.

The assumptions are:

Independence and normality.

Please give me a thumbs-up if this helps you out. Thank you!


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