Question
A major credit card company believes that the average balance that customers keep on their credit cards is $2,500. A sample of customers is taken
A major credit card company believes that the average balance that customers keep on their credit cards is $2,500. A sample of customers is taken and the balance on their cards is recorded inData Set #11of theHypothesis TestsExcel file. At the 1% significant level, determine if the average balance customers keep on their credit cards is different than claimed.
- From options #1 to #4, select the correct hypotheses for this test.
- From options #5 to #8, select the p-value for this test.
- From options #9 to #12, select the correct conclusion for this test.
Y | Y | Y | Y | N | Y | N |
Y | Y | Y | Y | N | Y | Y |
N | N | N | Y | Y | N | N |
N | Y | N | Y | N | N | N |
Y | Y | Y | Y | N | Y | N |
N | N | Y | Y | Y | Y | Y |
N | Y | N | N | N | N | Y |
Y | N | Y | N | N | Y | N |
N | N | N | Y | N | Y | Y |
Y | Y | N | Y | N | Y | N |
N | N | Y | N | N | N | N |
Y | N | Y | N | N | Y | N |
N | N | Y | Y | Y | Y | N |
N | Y | N | N | Y | Y | N |
Y | N | N | N | N | N | Y |
Y | N | Y | Y | N | Y | N |
N | N | N | Y | N | N | N |
N | Y | N | N | N | Y | Y |
N | N | Y | N | N | N | Y |
N | Y | N | N | Y | N | N |
N | Y | N | Y | Y | N | N |
Y | Y | N | Y | N | N | Y |
Y | N | N | Y | N | N | Y |
N | Y | Y | Y | Y | Y | Y |
Y | Y | Y | N | N | Y | N |
1)H0:=$2,500
Ha:$2,500
2)H0:=$2,366
Ha:>$2,366
3)H0:=$2,500
Ha:<$2,500
4)H0:=$2,500
Ha:>$2,500
5) 0.0031
6) 0.0063
7) 0.0077
8) 0.0038
9) Based on the sample, there is enough evidence to conclude that the average credit card balance is different than claimed.
10) Based on the sample, there is not enough evidence to conclude thatthe average credit card balance is different than claimed.
11) The credit card balance is different than claimed.
12) The credit card balance is not different than claimed.
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