Question: Marketing and Consumer Behavior The Press Association Mediapoint recently released a housing market report for England that included how long it would take a typical first-time buyer to save for a deposit in their local area. Independent random samples of first-time buyers were obtained in two areas, and the time (in years) needed for a couple to save for the deposit was recorded for each. The summary statistics are given in the following table.
a. Is there any evidence to suggest that the mean time needed for a couple to save for a deposit is different in these two areas? Use a = 0.05.
b. Find the p value associated with this hypothesis test.
c. The sample means, 4.5 and 4.8, seem close together. Can you find a value n = n1 = n2 such that the hypothesis test is significant at the a = 0.05 level?