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Independent random samples of business and economics faculty were asked to respond on a scale from 1 (strongly disagree) to 4 (strongly agree) to this statement: The threat and actuality of takeovers of publicly held companies provide discipline for boards and managers to maximize the value of the company to shareholders. For a sample of 202 business faculty, the mean response was 2.83 and the sample standard deviation was 0.89. For a sample of 291 economics faculty, the mean response was 3.00 and the sample standard deviation was 0.67.
Test the null hypothesis that the population means are equal against the alternative that the mean is higher for economics faculty.
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