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Name: The data below gives data comparing the amount of money someone says t
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Description: The data below gives data comparing the amount of money someone says they want to spend on a new car and how much they end up spending on a new car. Test the claim that people spend more than they say they want to at a 5% level. Assume everything is

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The data below gives data comparing the amount of money someone says they want to spend on a new car and how much they end up spending on a new car. Test the claim that people spend more than they say they want to at a 5% level. Assume everything is normally distributed.

How much they want to spend (in 1,000's) 30,25,10,30,45,60,30,25,20

How much they actually ended up spending (in 1,000's) 35,18,12,32,35,75,32,26,18

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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