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Population means

Fairfield homes is developing two parcels near Pigeon Fork, Tenn. In order to test different advertising approaches, they use different media to reach potential buyers. The mean annual family income for 75 people making inquires at the first development is $150,000, with a standard deviation of $40,000. A corresponding sample of 120 people at the second development had a mean of $180,000, with a standard deviation of $30,000. At the .05 significance level, can Fairfield conclude that the population means are different?

Solution Summary

This shows how to determine if population means are different for a given situation.