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In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation σ = $1000. a. State the null and alternative hypotheses. b. What is the p -value for a sample of 180 undergraduate students with a sample mean credit card balance of $3325? c. Using a .05 level of significance, what is your conclusion?

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STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884

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STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884
Chapter 9.3, Problem 16E
Textbook Problem
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In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation σ = $1000.

  1. a. State the null and alternative hypotheses.
  2. b. What is the p-value for a sample of 180 undergraduate students with a sample mean credit card balance of $3325?
  3. c. Using a .05 level of significance, what is your conclusion?

a.

To determine

Identify the null and alternative hypotheses.

Explanation of Solution

Here, the claim is that the mean credit card balance for undergraduate students has continued to increase compare to the original report. This can be written as μ>3,173. The complement of the claim is, μ3,173. In the given experiment, the alternative hypothesis indicates the claim

b.

To determine

Find the p-value.

c.

To determine

State the conclusion.

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Chapter 9 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT
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