A 2008 survey of low- and middle-income households conducted by Demos, a liberal public policy group, showed that consumers aged 65 years and older had an average credit card debt of $10,235 and consumers in the 50- to 64-year age group had an average credit card debt of $9342 at the time of the survey (USA TODAY, July 28, 2009). Suppose that these averages were based on random samples of 1200 and 1400 people for the two groups, respectively. Fur- ther assume that the population standard deviations for the two groups were $2800 and $2500, respectively. Let ₁ and M₂ be the respective population means for the two groups, people aged 65 years and older and people in the 50- to 64-year age group.tab (a) What is the point estimate of μ₁ - ₂? (b) Construct a 97% confidence interval for = М 2.

A 2008 survey of low- and middle-income households conducted by Demos, a liberal public policy group, showed that consumers aged 65 years and older had an average credit card debt of $10,235 and consumers in the 50- to 64-year age group had an average credit card debt of $9342 at the time of the survey (USA TODAY, July 28, 2009). Suppose that these averages were based on random samples of 1200 and 1400 people for the two groups, respectively. Fur- ther assume that the population standard deviations for the two groups were $2800 and $2500, respectively. Let ₁ and M₂ be the respective population means for the two groups, people aged 65 years and older and people in the 50- to 64-year age group.tab (a) What is the point estimate of μ₁ - ₂? (b) Construct a 97% confidence interval for = М 2.

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter11: Data Analysis And Probability

Section: Chapter Questions

Problem 8CR

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