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.
Answer to relevant QuestionsA random sample of 10 speed skaters, all of the relatively same experience and speed, were selected to try out a new specialty blade.The difference in the short track times were measured as current blade time – specialty ...Use a computer or calculator to complete the hypothesis test with alternative hypothesis m d < 0 based on the paired data that follow and d = M - N Use a = 0.02 Assume normality Two independent random samples resulted in the following: Find the estimate for the standard error for the difference between two means. “Is the length of a steel bar affected by the heat treatment technique used?” This was the question being tested when the following data were collected. a. Find the means and standard deviations for the two sets of data. ...Determine the critical values that would be used for the following hypothesis tests (using the classical approach) about the difference between two means with population variances unknown.
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