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1. Eight male and eight female college students who have credit cards were surveyed and asked their total credit card debt. The responses are given below in dollars:
males
females
1000
1300
2100
200
900
1800
1200
500
2600
1400
700
Researchers wanted to determine if there is a difference in the mean credit card debt owed by males versus females. Using α = 0.10, is there a difference. (Show all six steps of hypothesis testing.)
2. The listing price of a random sample of two-year-old Honda Civics was obtained for four cities in the United States. (Source: www.cars.com, accessed April 2018.) The data are summarized in the table below. Assume that prices of two-year-old Honda Civics are normally distributed. At the 5% significance level, is there a difference in the price of the cars in these cities? (Show all six steps of hypothesis testing.)
Chicago
16000
18980
21480
14999
23541
18100
Los Angeles
18915
16748
16173
18667
New York
15500
13888
18880
12974
22395
Honolulu
19998
17999
18988
20999
This document contains various important questions and their appropriate answers in the subject field of Economics.
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