Marketing strategists like to study the differences (in, e.g., age and income) between buyers and non-buyers of a product. In an earlier study of the purchasers and non-purchasers of a product sold by...

Sample size             900                              800

sample mean          43.8                               40.3

Sample std deviation 14.6                           15.4

1. 
   

   Based on the market demographic data obtained, do we have strong enough evidence to conclude that buyers of the company’s product are on average more than two years older than non-buyers are? Test using α = 0.05.

   
   


2. 
   

   Constructa95%confidenceintervalforthedifferenceinaverageagebetweenpurchasersand non-purchasers of the product. Interpret the significance of the age difference.