According to the report by the government-lending institution, college students who have credit cards have an average credit card balance of $1,066. A random sample of 50 college students was selected, and their average credit card debt was found to be $1,442. Assume the standard deviation for student credit card debt is $276. Using a = 0.05, complete parts a and b below. a. Does this sample provide enough evidence to challenge the findings by the lending institution? Determine the null and alternative hypotheses. Họ: H The z-test statistic is (Round to two decimal places as needed.) The critical z-score(s) is(are). (Round two decimal places as needed. Use a comma to separate answers as needed.) Because the test statistic the null hypothesis. b. Determine the p-value for this test. The p-value is. (Round to three decimal places as needed.)
According to the report by the government-lending institution, college students who have credit cards have an average credit card balance of $1,066. A random sample of 50 college students was selected, and their average credit card debt was found to be $1,442. Assume the standard deviation for student credit card debt is $276. Using a = 0.05, complete parts a and b below. a. Does this sample provide enough evidence to challenge the findings by the lending institution? Determine the null and alternative hypotheses. Họ: H The z-test statistic is (Round to two decimal places as needed.) The critical z-score(s) is(are). (Round two decimal places as needed. Use a comma to separate answers as needed.) Because the test statistic the null hypothesis. b. Determine the p-value for this test. The p-value is. (Round to three decimal places as needed.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
1.
![According to the report by the government-lending institution, college students who have credit cards have an average credit card balance of $1,066. A random sample of 50 college students was selected, and their average credit card debt was
found to be $1,442. Assume the standard deviation for student credit card debt is $276. Using a = 0.05, complete parts a and b below.
a. Does this sample provide enough evidence to challenge the findings by the lending institution?
Determine the null and alternative hypotheses.
Ho: H
The z-test statistic is
(Round to two decimal places as needed.)
The critical z-score(s) is(are)
(Round to two decimal places as needed. Use a comma to separate answers as needed.)
Because the test statistic
the null hypothesis.
b. Determine the p-value for this test.
The p-value is
(Round to three decimal places as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffff70119-66d8-4448-8a74-7134797303c7%2Fa09448f3-54b5-4456-a1b6-cf2d50aadbcd%2Fytwl6y_processed.png&w=3840&q=75)
Transcribed Image Text:According to the report by the government-lending institution, college students who have credit cards have an average credit card balance of $1,066. A random sample of 50 college students was selected, and their average credit card debt was
found to be $1,442. Assume the standard deviation for student credit card debt is $276. Using a = 0.05, complete parts a and b below.
a. Does this sample provide enough evidence to challenge the findings by the lending institution?
Determine the null and alternative hypotheses.
Ho: H
The z-test statistic is
(Round to two decimal places as needed.)
The critical z-score(s) is(are)
(Round to two decimal places as needed. Use a comma to separate answers as needed.)
Because the test statistic
the null hypothesis.
b. Determine the p-value for this test.
The p-value is
(Round to three decimal places as needed.)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education