Question: A Bloomberg News poll found that Americans plan to keep
A Bloomberg News poll found that Americans plan to keep spending down over the next six months due to the uncertain economy (USA Today, September 17, 2009). Suppose a group of 15 households noted their household spending in March and then noted their household spending six months later in September. The mean monthly difference (former spending – current spending) was calculated to be $75.50 with a standard deviation of $66.20. Does this sample of households show sufficient evidence of increased household savings? Use the 0.05 level of significance and assume normality of spending amounts.
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