A Bloomberg News poll found that Americans plan to keep spending down over the next six months

Question:

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.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Elementary Statistics

ISBN: 9780538733502

11th Edition

Authors: Robert R. Johnson, Patricia J. Kuby

Question Posted: