Significance level

Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different
advertising approaches, they use different media to reach potential buyers. The mean annual family
income for 75 people making inquiries 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?

By OTA: Howard Stern, PhD

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