Statista reports that the average monthly lease payment for an automobile is falling in the United States, but does this apply to all classes of automobiles? Suppose you are interested in whether this trend is true for sport utility vehicles (SUVS). Consider the following hypothetical monthly lease payment data for 33 randomly selected SUVs in 2015 and 46 randomly selected SUVs in 2016. 2015 692 684 550 546 576 711 501 742 556 646 764 549 769 602 633 674 781 674 659 566 749 482 770 506 718 589 743 605 530 734 927 661 658 2016 393 502 433 587 605 562 641 432 498 552 489 450 588 526 521 478 570 603 627 484 379 565 387 446 658 615 756 394 487 610 421 587 602 628 537 348 587 495 528 614 618 564 558 493 697 718 (a) Provide a point estimate (in $) of the difference between the population mean monthly lease payments for the two years. (Use SUVs in 2015 - SUVs in 2016. Round your answer to the nearest cent.) $ Interpret the point estimate Using the price-Select- ✓, the 2015 -Select- ✓for an SUV differs from the 2016-Select- (b) Develop a 99% confidence interval estimate (in $) of the difference between the mean monthly lease payments in 2015 and 2016. (Use SUVs in 2015 - SUVs in 2016. Round your answers to the nearest cent.) $ to $ (c) Would you feel justified in concluding that monthly lease payments have declined from 2015 to 2016? Why or why not? --Select-✓, because the 99% confidence intervall --Select-- ✓for an SUV by the amount of the point estimate. zero.
Statista reports that the average monthly lease payment for an automobile is falling in the United States, but does this apply to all classes of automobiles? Suppose you are interested in whether this trend is true for sport utility vehicles (SUVS). Consider the following hypothetical monthly lease payment data for 33 randomly selected SUVs in 2015 and 46 randomly selected SUVs in 2016. 2015 692 684 550 546 576 711 501 742 556 646 764 549 769 602 633 674 781 674 659 566 749 482 770 506 718 589 743 605 530 734 927 661 658 2016 393 502 433 587 605 562 641 432 498 552 489 450 588 526 521 478 570 603 627 484 379 565 387 446 658 615 756 394 487 610 421 587 602 628 537 348 587 495 528 614 618 564 558 493 697 718 (a) Provide a point estimate (in $) of the difference between the population mean monthly lease payments for the two years. (Use SUVs in 2015 - SUVs in 2016. Round your answer to the nearest cent.) $ Interpret the point estimate Using the price-Select- ✓, the 2015 -Select- ✓for an SUV differs from the 2016-Select- (b) Develop a 99% confidence interval estimate (in $) of the difference between the mean monthly lease payments in 2015 and 2016. (Use SUVs in 2015 - SUVs in 2016. Round your answers to the nearest cent.) $ to $ (c) Would you feel justified in concluding that monthly lease payments have declined from 2015 to 2016? Why or why not? --Select-✓, because the 99% confidence intervall --Select-- ✓for an SUV by the amount of the point estimate. zero.
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter4: Eigenvalues And Eigenvectors
Section4.6: Applications And The Perron-frobenius Theorem
Problem 22EQ
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![### Statistical Analysis of Monthly Lease Payments for SUVs (2015 vs. 2016)
Statista reports that the average monthly lease payment for an automobile is falling in the United States, but does this apply to all classes of automobiles? Suppose you are interested in whether this trend is true for sport utility vehicles (SUVs). Consider the following hypothetical monthly lease payment data for 33 randomly selected SUVs in 2015 and 46 randomly selected SUVs in 2016.
#### Lease Payment Data Table:
*2015 Lease Payments:*
692, 684, 550, 546, 776, 711, 501, 742, 556, 646, 764,
549, 769, 602, 633, 674, 781, 674, 650, 569, 746, 482,
770, 705, 718, 739, 543, 634, 805, 794, 927, 661, 658
*2016 Lease Payments:*
393, 433, 587, 605, 562, 641, 432, 496, 552, 489,
450, 358, 487, 508, 570, 620, 573, 345, 590, 400,
387, 456, 611, 756, 487, 610, 421, 587, 602,
628, 537, 348, 657, 495, 528, 614, 634, 558, 493,
692, 718
#### Analysis:
1. **Provide a point estimate (in $) of the difference between the population mean monthly lease payments for the two years. (Use SUVs in 2015 – SUVs in 2016. Round your answer to the nearest cent.)**
- Point Estimate: $ ________
2. **Interpret the point estimate.**
- Using the price [Select ___], the 2015 [Select ___] for an SUV differs from the 2016 [Select ___] for an SUV by the amount of the point estimate.
3. **Develop a 99% confidence interval estimate (in $) of the difference between the mean monthly lease payments in 2015 and 2016. (Use SUVs in 2015 – SUVs in 2016. Round your answers to the nearest cent.)**
- $ ______](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F928f3826-faea-4936-b5b6-4aab28469498%2Ff9cd4e0a-6f0b-479c-bb99-9cca5ea186a9%2Fb7qbx6_processed.png&w=3840&q=75)
Transcribed Image Text:### Statistical Analysis of Monthly Lease Payments for SUVs (2015 vs. 2016)
Statista reports that the average monthly lease payment for an automobile is falling in the United States, but does this apply to all classes of automobiles? Suppose you are interested in whether this trend is true for sport utility vehicles (SUVs). Consider the following hypothetical monthly lease payment data for 33 randomly selected SUVs in 2015 and 46 randomly selected SUVs in 2016.
#### Lease Payment Data Table:
*2015 Lease Payments:*
692, 684, 550, 546, 776, 711, 501, 742, 556, 646, 764,
549, 769, 602, 633, 674, 781, 674, 650, 569, 746, 482,
770, 705, 718, 739, 543, 634, 805, 794, 927, 661, 658
*2016 Lease Payments:*
393, 433, 587, 605, 562, 641, 432, 496, 552, 489,
450, 358, 487, 508, 570, 620, 573, 345, 590, 400,
387, 456, 611, 756, 487, 610, 421, 587, 602,
628, 537, 348, 657, 495, 528, 614, 634, 558, 493,
692, 718
#### Analysis:
1. **Provide a point estimate (in $) of the difference between the population mean monthly lease payments for the two years. (Use SUVs in 2015 – SUVs in 2016. Round your answer to the nearest cent.)**
- Point Estimate: $ ________
2. **Interpret the point estimate.**
- Using the price [Select ___], the 2015 [Select ___] for an SUV differs from the 2016 [Select ___] for an SUV by the amount of the point estimate.
3. **Develop a 99% confidence interval estimate (in $) of the difference between the mean monthly lease payments in 2015 and 2016. (Use SUVs in 2015 – SUVs in 2016. Round your answers to the nearest cent.)**
- $ ______
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