Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different...
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Bank of America's Consumer Spending Survey collected data onannual credit card charges in seven different categories ofexpenditures: transportation, groceries, dining out, householdexpenses, home furnishings, apparel, and entertainment. Using datafrom a sample of 42 credit card accounts, assume that each accountwas 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 meandifference was d= $850, and the sample standard deviation was$1123. a. Formulate the null and alternative hypotheses to test forno difference between the population mean credit card charges forgroceries and the population mean credit card charges for diningout. b. Use .05 level of significance. Can you conclude that thepopulation means differ? What is the p -value? (to 6 decimals) c.Which category, groceries or dining out, has a higher populationmean annual credit card charge? What is the point estimate of thedifference between the population means? Round to the nearest wholenumber. 850 What is the 95% confidence interval estimate of thedifference between the population means? Round to the nearest wholenumber. (n1,n2)=
Bank of America's Consumer Spending Survey collected data onannual credit card charges in seven different categories ofexpenditures: transportation, groceries, dining out, householdexpenses, home furnishings, apparel, and entertainment. Using datafrom a sample of 42 credit card accounts, assume that each accountwas 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 meandifference was d= $850, and the sample standard deviation was$1123. a. Formulate the null and alternative hypotheses to test forno difference between the population mean credit card charges forgroceries and the population mean credit card charges for diningout. b. Use .05 level of significance. Can you conclude that thepopulation means differ? What is the p -value? (to 6 decimals) c.Which category, groceries or dining out, has a higher populationmean annual credit card charge? What is the point estimate of thedifference between the population means? Round to the nearest wholenumber. 850 What is the 95% confidence interval estimate of thedifference between the population means? Round to the nearest wholenumber. (n1,n2)=
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