Question
The 2015 Millman Medical Index reported on its website that in 2015 the average annual out of pocket medical costs for a typical family were
The 2015 Millman Medical Index reported on its website that in 2015 the average annual out of pocket medical costs for a typical family were $4,065. A health care consumer group believes that the actual average is higher than this. Suppose the group as selected random of 120 "typical" households and asked them to go back through their 2015 medical payments and record the total out of pocket expenses for the year. The data are in file called Medical Expenses. Based on these data, what should the consumer group conclude, using an alpha level 0.01?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started