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1. Are the different forms of consumer installment credit in the following table highly correlated?
Debt Outstanding (millions of dollars)
Year
Gas Cards
Travel and Entertainment Cards
Bank Credit Cards
Retail Cards
Total Credit Cards
Total Installment Credit
1
$939
$61
$828
$9,400
$11,228
$79,428
2
$1,119
$76
$1,312
$10,200
$12,707
$87,745
3
$1,298
$110
$2,639
$10,900
$14,947
$98,105
4
$1,650
$122
$3,792
$11,500
$17,064
$102,064
5
$1,804
$132
$4,490
$13,925
$20,351
$111,295
6
$1,762
$164
$5,408
$14,763
$22,097
$127,332
7
$1,832
$191
$6,838
$16,395
$25,256
$147,437
8
$1,823
$238
$8,281
$17,933
$28,275
$156,124
9
$1,893
$273
$9,501
$18,002
$29,669
$164,955
10
$1,981
$11,351
$19,052
$32,622
$185,489
11
$2,074
$284
$14,262
$21,082
$37,702
$216,572
2. Formulate a statistical hypothesis appropriate for the consumer group's purpose, then calculate the mean average miles per gallon. Compute the sample variance and sample standard deviation. Determine the most appropriate statistical test using the 0.05 significance level. Click here (https://online.columbiasouthern.edu/CSU_Content/courses/Business/MBA/MBA5652/14L/T-table.pdf) to view the t-distribution table to assist you in solving this problem. Also, refer to the Z-table (Table A.2 in the appendix). Provide your findings in the space provided.
Purchaser
Miles per Gallon
30.9
13
27
24.5
14
26.7
31.2
15
31
28.7
16
23.5
35.1
17
29.4
29
18
26.3
28.8
19
27.5
23.1
20
28.2
21
28.4
30.2
22
29.1
23
21.9
12
29.3
24
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