When companies are designing a new product, one of the steps typically taken is to see how potential buyers react to a picture or prototype of the proposed product. The product-development team for a notebook computer company has shown picture A to a large sample of potential buyers and picture B to another, asking each person to indicate what they “would expect to pay” for such a product. The data resulting from the two pictures are provided in file XR11028. Using the 0.05 level of significance, determine whether the prototypes might not really differ in terms of the price that potential buyers would expect to pay. Identify and interpret the p-value for the test. Construct and interpret the 95% confidence interval for the difference between the population means. Is the hypothesized difference (0.00) within the interval? Given the presence or absence of the 0.00 value within the interval, is this consistent with the findings of the hypothesis test?
A computer and statistical software.