S 1 = 6.98 S 2 = 4.53 Private colleges mean = 35.5 Public colleges mean =22.3 21.3 c. What is the point estimate of the difference between the two population means? Round your answer to one decimal place. 42.5 – 22.3 = 20.2 =20.2 Interpret this value in terms of the annual cost of attending private and public colleges. $20,200 c. Develop a 95% confidence interval of the difference between the annual cost of attending private and pubic colleges. 95% confidence interval, private colleges have a population mean annual cost $ to $ more expensive than public colleges. DID NOT GET ANSWER FOR C
8) . Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services. Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use = .05 and test to see whether the consultant with more experience has the higher population mean service rating. Excel File: data10-17.xls a. State the null and alternative hypotheses. HO: MU1 – MU2 IS LESS THAN OR EQUAL TO 0 Ha : Mu1 – Mu2 is greater than 0 b. Compute the value of the test statistic. (to 2 decimals) 1.99 c. What is the p -value? (to 4 decimals) .025 <p< .05 … I think… d. What is your conclusion? Reject the null hypothesis
9) Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment. Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, the sample mean difference was = $850, and the sample standard deviation was = $1123. a. Formulate the null and alternative hypotheses to test for no difference between the population mean credit card charges for groceries and the population mean credit card charges for dining out. : - Select your answer -mu is greater than 0mu is greater than or equal to 0mu is equal to 0mu is not equal to 0mu is less than 0mu is less than or equal to 0Item 1 : - Select your answer -mu is greater than 0mu is greater than or equal to 0mu is equal to 0mu is not equal to 0mu is less than 0mu is less than or equal to 0Item 2 b. Use a .05 level of significance. Can you conclude that the population means differ? DIFFER
What is the p -value? (to 0 decimals) sample n = 42 difference=$850 sd=$1123 DID NOT GET ANSWER c. Which category, groceries or dining out, has a higher population mean annual credit card charge? GROCERIES What is the point estimate of the difference between the population means? (to 0 decimals) 850 What is the 95% confidence interval estimate of the difference between the population means?
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