5. 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 17 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 $861, and the sample variance of the difference was $2,788,900. 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. b. Use a 0.05 level of significance. Can you conclude that the population means differ? What is the p-value? c. Which category, groceries or dining out, has a higher population mean annual credit card charge? What is the point estimate of the difference between the population means? What is the 95% confidence interval estimate of the difference between the population means?
5. 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 17 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 $861, and the sample variance of the difference was $2,788,900. 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. b. Use a 0.05 level of significance. Can you conclude that the population means differ? What is the p-value? c. Which category, groceries or dining out, has a higher population mean annual credit card charge? What is the point estimate of the difference between the population means? What is the 95% confidence interval estimate of the difference between the population means?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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![5. 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 17 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 $861, and the sample variance of the difference was $2,788,900.
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.
b. Use a 0.05 level of significance. Can you conclude that the population
means differ? What is the p-value?
c. Which category, groceries or dining out, has a higher population mean
annual credit card charge? What is the point estimate of the difference
between the population means? What is the 95% confidence interval
estimate of the difference between the population means?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3fd808af-d178-42a2-bae8-ed8663cfe8fa%2Fcf6f6b67-c8cd-4a31-8d13-20971088419a%2Fkwoanqx_processed.png&w=3840&q=75)
Transcribed Image Text:5. 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 17 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 $861, and the sample variance of the difference was $2,788,900.
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.
b. Use a 0.05 level of significance. Can you conclude that the population
means differ? What is the p-value?
c. Which category, groceries or dining out, has a higher population mean
annual credit card charge? What is the point estimate of the difference
between the population means? What is the 95% confidence interval
estimate of the difference between the population means?
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