Question

a sample is collected from 20 checks and 30 credit card purchases. the purchase use of checks has a mean of 13.8 and standard deviation of 2. the purchase use of credit cards has a mean of 17.6, and standard deviation of 3. use a .05 significance level to test the claim that the mean of checks is different than the mean of credit cards A= test the claim using an hypothesis test. B= test the claim by constructing an appropriate confidence interval c= reject or fail to reject 

          a sample is collected from 20 checks and 30 credit card purchases. the purchase use of checks has a mean of 13.8 and standard deviation of 2. the purchase use of credit cards has a mean of 17.6, and standard deviation of 3. use a .05 significance level to test the claim that the mean of checks is different than the mean of credit cards
A= test the claim using an hypothesis test.
B= test the claim by constructing an appropriate confidence interval
c= reject or fail to reject
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Elementary Statistics a Step by Step Approach
Elementary Statistics a Step by Step Approach
Allan G. Bluman 9th Edition
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a sample is collected from 20 checks and 30 credit card purchases. the purchase use of checks has a mean of 13.8 and standard deviation of 2. the purchase use of credit cards has a mean of 17.6, and standard deviation of 3. use a .05 significance level to test the claim that the mean of checks is different than the mean of credit cards A= test the claim using an hypothesis test. B= test the claim by constructing an appropriate confidence interval c= reject or fail to reject
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In a sample of credit card holders the mean monthly value of credit card purchases was $ 358 and the sample variance was 49 ($ squared). Assume that the population distribution is normal. Answer the following, rounding your answers to two decimal places where appropriate. (a) Suppose the sample results were obtained from a random sample of 15 credit card holders. Find a 95% confidence interval for the mean monthly value of credit card purchases of all card holders. ( , ) (b) Suppose the sample results were obtained from a random sample of 22 credit card holders. Find a 95% confidence interval for the mean monthly value of credit card purchases of all card holders. ( , ) Before you answer (b) consider whether the confidence interval will be wider than or narrower than the confidence interval found for (a). Then check that your answer verifies this.

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The management of a department store is interested in estimating the difference between the mean credit purchases of customers using the store's credit card versus those customers using a national major credit card. You are given the following information. Assume the samples were selected randomly. Store's Card: - Sample size: 64 - Sample mean: $140 - Population standard deviation: $10 Major Credit Card: - Sample size: 49 - Sample mean: $125 - Population standard deviation: $8 Refer to Exhibit 10-6. A 95% confidence interval estimate for the difference (Store's Card - Major Credit Card) between the average purchases of the customers using the two different credit cards is _____.

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Transcript

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00:02 In a sample of credit card holders, the mean monthly value of credit card purchases was 358 with a sample variance of 49, which means their sample standard deviation would be 7.
00:18 Assume that the population distribution is normal, answer the following rounding your answers to two decimal places where appropriate.
00:26 So part a, suppose the sample results were obtained from a random sample of 15 credit card holders.
00:32 Find a 95 % confidence interval.
00:37 Well, 15 is a small sample, so we're going to use a t distribution for this.
00:43 So t of 0 .05 divided by 2 with a degree of freedom of 14 means that our critical value is going to be 2 .14.
00:52 So we're going to take 358 plus or minus 2 .145 times 7 divided by the square root of 15.
01:01 And that's going to give us 358 plus or minus a margin of error of 3 .88 for an interval of 354 .1 -12 to 361 .88.
01:21 Suppose the sample results were obtained from a random sample of 22 credit card holders...
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