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Statista reports that the average monthly lease payment for an automobile is falling in the United States, but does this apply to all classes of
Statista reports that the average monthly lease payment for an automobile is falling in the United States, but does this apply to all classes of automobiles? Suppose you are interested in whether this trend is true for sport utility vehicles (SUVs). Consider the following hypothetical monthly lease payment data for 33 randomly selected SUVs in 2015 and 46 randomly selected SUVs in 2016. 2015 694 684 550 548 578 709 503 744 554 646 764 551 771 604 633 674 781 674 657 566 749 484 770 508 718 589 743 607 530 734 927 559 658 2016 393 504 435 587 607 562 641 430 496 552 491 45 590 524 521 480 572 603 625 484 379 565 387 446 658 615 754 396 485 610 421 587 600 628 537 348 589 493 528 614 518 564 558 493 697 718 (a) Provide a point estimate (in $) of the difference between the population mean monthly lease payments for the two years. (Use SUVs in 2015 - SUVs in 2016. Round your answer to the nearest cent.) $ Interpret the point estimate. Using the price ---Select--- v, the 2015 ---Select--- for an SUV differs from the 2016 ---Select--- |for an SUV by the amount of the point estimate. (b) Develop a 99% confidence interval estimate (in $) of the difference between the mean monthly lease payments in 2015 and 2016. (Use SUVs in 2015 - SUVs in 2016. Round your answers to the nearest cent. ) $ to $ ( c ) Would you feel justified in concluding that monthly lease payments have declined from 2015 to 2016? Why or why not? ---Select--- v , because the 99% confidence interval ---Select--- v zero
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