A drug company wants to analyze if its new marketing strategy adopted last year is successful is increasing sales. It randomly chooses 49 drugs from its list of products. For each drug, it computes the sales (in million USD) for 2012 and 2013. The summary for the dataset is given below:
|
Year
|
Sample mean
|
Sample variance
|
Correlation coefficient
|
|
2012
|
20.8
|
16.8
|
0.50
|
|
2013
|
32.8
|
18.2
|
|
The company will consider its marketing strategy successful only if the average sales of all drugs that it manufactures increases from 2012 to 2013. Conduct an appropriate test of hypotheses to test the claim that the marketing strategy is successful. Choose the level at 5%.