Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment. Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, the sample mean difference was d = $850, and the sample standard deviation was Sd = $1,123. a. Formulate the null and alternative hypotheses to test for no difference between the population mean credit card charges for groceries and the population mean credit card charges for dining out. Hoμd Haμd - Select your answer - - Select your answer - b. Use a 0.05 level of significance. Can you conclude that the population means differ? - Select your answer - ✓ What is the p-value? (to 6 decimals) c. Which category, groceries or dining out, has a higher population mean annual credit card charge? - Select your answer - What is the point estimate of the difference between the population means? Round to the nearest whole number. What is the 95% confidence interval estimate of the difference between the population means? Round to the nearest whole number.
Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment. Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, the sample mean difference was d = $850, and the sample standard deviation was Sd = $1,123. a. Formulate the null and alternative hypotheses to test for no difference between the population mean credit card charges for groceries and the population mean credit card charges for dining out. Hoμd Haμd - Select your answer - - Select your answer - b. Use a 0.05 level of significance. Can you conclude that the population means differ? - Select your answer - ✓ What is the p-value? (to 6 decimals) c. Which category, groceries or dining out, has a higher population mean annual credit card charge? - Select your answer - What is the point estimate of the difference between the population means? Round to the nearest whole number. What is the 95% confidence interval estimate of the difference between the population means? Round to the nearest whole number.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.1: Measures Of Center
Problem 25PFA
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Transcribed Image Text:Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out,
household expenses, home furnishings, apparel, and entertainment. Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual
credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, the sample mean difference was d = $850,
and the sample standard deviation was Sd = $1,123.
a. Formulate the null and alternative hypotheses to test for no difference between the population mean credit card charges for groceries and the population mean credit card charges
for dining out.
Hoμd
Haμd
- Select your answer -
- Select your answer -
b. Use a 0.05 level of significance. Can you conclude that the population means differ?
- Select your answer - ✓
What is the p-value? (to 6 decimals)
c. Which category, groceries or dining out, has a higher population mean annual credit card charge?
- Select your answer -
What is the point estimate of the difference between the population means? Round to the nearest whole number.
What is the 95% confidence interval estimate of the difference between the population means? Round to the nearest whole number.
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