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Question 2 - Consumer Spending Patterns You are on a financial planning team in charge of monitoring a high-spending segment of a credit card.
Question 2 - Consumer Spending Patterns You are on a financial planning team in charge of monitoring a high-spending segment of a credit card. You know that customers tend to spend more during December before the holidays, but you are not sure about the pattern of spending in the months after the holidays. The dataset Consumer_Spending has the monthly credit card spending of 400 customers during the months December, January, February and March, and the average across January to March. a) Carry out a hypothesis test to compare December's spending with the average spending over the three following months (variable JantoMarAvg) to confirm the belief that customers spend more on average in December. Use a 5% level of significance. b) Construct the corresponding one-sided 95% confidence interval to supplement the hypothesis test you carried out in part a). c) Does the confidence interval from part b) confirm your conclusion from part a)? Explain.
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