Define the use of 5 percent level of risk


To perform two sample hypothesis testing using normal distribution.

A study was conducted on the annual incomes of corporate trainers in the state of New York in metropolitan areas having a population less than 100,000 and in metropolitan areas having a population over 500,000.  Some sample statistics are:

 

Sample Statistic

Population less than 100K

Population more than 500K

Sample Size

45

60

Sample Mean

$31,290

$31,330

Sample SD

$1,060

$1,900

 

Test hypothesis that the annual incomes of corporate trainers in areas of more than 500,000 are significantly more than those in areas of less than 100,000.  Use the 5 percent level of risk.

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Basic Statistics: Define the use of 5 percent level of risk
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