23. Bank of America's Consumer Spending Survey collected data on annual credit cardcharges 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 wasused to identify the annual credit card charges for groceries (population 1) and theannual credit card charges for dining out (population 2). Using the difference data,the sample mean difference was d=Sd = $1123.$850, and the sample standard deviation wasa. Formulate the null and alternative hypotheses to test for no difference betweenthe population mean credit card charges for groceries and the population meancredit card charges for dining out.b. Use a .05 level of significance. Can you conclude that the population meansdiffer? What is the p-value?c. Which category, groceries or dining out, has a higher population mean annualcredit card charge? What is the point estimate of the difference between thepopulation means? What is the 95% confidence interval estimate of thedifference between the population means?

Given : N=42 dof = N - 1 = 42 - 1 = 41 d = M1 - M2 = 850 SD = 1123 Significance level = 0.05 We…

Answered: 23. Bank of America's Consumer Spending…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Plot 2 Out-of-State Tuition 20000 15000 10000 5000 Plot 2: Distribution of Out-of-State Tuition Based on Expenditure Category Above Average Expenditure Expenditure Category Below Average Expenditure
Plot 2 Out-of-State Tuition 20000 15000 10000 5000 Plot 2: Distribution of Out-of-State Tuition Based on Expenditure Category Above Average Expenditure Expenditure Category Below Average Expenditure
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2. This table shows the mean and median total cash income for married-couple households (including wages, public assistance, interest/dividends, Social Security, pensions, etc.), by race and Hispanic origin. a apaa Median Household Mean Household Income ($) Income ($) Asian 110,453 78,010 66,893 110,138 145,948 Black 97,667 Hispanic White, non-Hispanic 88,450 129,142 a. Pick one group and interpret the median and the mean. b. For each group, how do the mean and the median compare? Explain why you think this must be the case.
The distribution of hemoglobin in grams per deciliter of blood if approximately N(14,1) in women and approximately N(16,1) in men. Use software or Table B to find the answers. A) What percent of women have more hemoglobin than the men's mean hemoglobin? B) What percent of men have less hemoglobin than the women's mean hemoglobin? C) What percent of men have more hemoglobin than the women's mean hemoglobin?
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b) Distribution of the Sample Proportion To assess attitudes towards issues that affect the residents of a village, the village randomly chose 800 families to participate in a survey of life attitudes. The village received 628 completed surveys. What is the sample proportion of completed surveys?

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