Do men really spend more money on St. Patrick’s Day as compared to women? A recent...

Do men really spend more money on St. Patrick’s Day as compared to women? A recent survey found that men spend an average of $43.87 while women spend an average of $29.54. Assume that these data were based on a sample of 100 men and 100 women and the population standard deviations of spending for men and women are $32 and $25, respectively. Using 1% confidence level, which of the following is the correct conclusion for this test?

Reject H₀: µ₁ − µ₂≤ 0 and therefore do not conclude that on average men spend more money than women on St. Patrick’s Day.
Do not reject H₀: µ₁ − µ₂≤ 0 and therefore conclude that on average men spend more money than women on St. Patrick’s Day.
Do not reject H₀: µ₁ − µ₂≤ 0 and therefore do not conclude that on average men spend more money than women on St. Patrick’s Day.
Reject H₀: µ₁ − µ₂≤ 0 and therefore conclude that on average men spend more money than women on St. Patrick’s Day.

Expert Solution

Reject H₀: µ₁− µ₂≤ 0 and therefore conclude that on average men spend more money than women on St. Patrick’s Day.

orchestra answered 2 years ago

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