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You wish to determine whether consumers have made substantial progress in reducing their credit card debt?...

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Statistics

You wish to determine whether consumers have made substantialprogress in reducing their credit card debt? Based on a sample of1000 consumers in September 2001, and another sample of 1000customers in September 2006, the average credit card debt 2711 in2001 as compared to 2814 in 2006. The standard deviation of eachsample was approximately 976. Using a level of significance of0.1,

a. What are the null and alternative hypothesis? (How do yoknow)

b. What is the critical value? (Explain and show work)

c. Which minitab output is appropriate for this problem? (How doyou know)

d. What is your managerial conclusion? (why)

Answer & Explanation Solved by verified expert
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Claim consumers have made substantial progress in reducingtheir credit card debtLet 1 be the average credit card debt in September2001 and 2 be the average credit card debt in    See Answer
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