6. A foresting service conducted a survey to see if tree farms that planted hardwood trees were more profitable over a 30-year period than tree farms that planted softwood trees. The results of this study showed that hardwood trees had a 46% higher profit per acre. Are the results statistically significant?

No, because planting softwood trees have a higher profit per acre.

No, because there is not enough information given to make a conclusion.

Yes, because the chance of getting a similar result is small.

Yes, because planting hardwood trees have a higher profit per acre.

Question

Robert Weiss

Mathematics

24 December, 07:57

6. A foresting service conducted a survey to see if tree farms that planted hardwood trees were more profitable over a 30-year period than tree farms that planted softwood trees. The results of this study showed that hardwood trees had a 46% higher profit per acre. Are the results statistically significant?

No, because planting softwood trees have a higher profit per acre.

No, because there is not enough information given to make a conclusion.

Yes, because the chance of getting a similar result is small.

Yes, because planting hardwood trees have a higher profit per acre.

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Answers (1)

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Mckenzie Roman · Answer 1

No, because there is not enough information given to make a conclusion. Providing a percentage of 46% higher profit per acre doesn't mean statistical significance as it could be data-based only. There should be a given p value to make a conclusion about statistical significance.