Math Problem Statement
A random sample of 144 artworks created within the last three years and sold at auction has been selected to study art auction price and prior exhibition. Some of the variables recorded for each artwork are listed below.
Variable Description subid Subject ID medium type of artwork exhibWeeks the number of weeks the artwork was exhibited before the auction price sale price (in thousands) Import the data set included in the file sample.csv in Excel. To do this, you need to click on the link above and save the data file in a convenient location on your PC (in your browser, File and Save). Next open Excel, click File in the Menu, select Open and navigate to the file you previously saved – or simply double-click on it, Excel should open automatically. Use Excel and/or probTool, and appropriate hypothesis tests, to address the following research questions. Assume all the test assumptions are verified. Part 1 Is there any difference between paintings and sculptures in the average number of weeks the artworks were exhibited before auction? Report the absolute value of the test statistic [use at least 14dp]:
Solution
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Math Problem Analysis
Mathematical Concepts
Statistics
Hypothesis Testing
Independent Two-Sample t-Test
Formulas
t = (x̄1 - x̄2) / √(s1^2 / n1 + s2^2 / n2)
Theorems
Central Limit Theorem
t-Distribution
Suitable Grade Level
Undergraduate (Statistics or Business Analytics)
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