Discuss the following:
1. Complete question 10 in your textbook. Create your table in Word for this question. Provide your findings in the space provided.
2. 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
|
$238
|
$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 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
|
Purchaser
|
Miles per Gallon
|
|
1
|
30.9
|
13
|
27
|
|
2
|
24.5
|
14
|
26.7
|
|
3
|
31.2
|
15
|
31
|
|
4
|
28.7
|
16
|
23.5
|
|
5
|
35.1
|
17
|
29.4
|
|
6
|
29
|
18
|
26.3
|
|
7
|
28.8
|
19
|
27.5
|
|
8
|
23.1
|
20
|
28.2
|
|
9
|
31
|
21
|
28.4
|
|
10
|
30.2
|
22
|
29.1
|
|
11
|
28.4
|
23
|
21.9
|
|
12
|
29.3
|
24
|
30.9
|
3. Using the SPSS Output of your textbook, comment on the appropriateness of the statistical test used (make sure that your response includes information on the types of variables used and the scales of measurement). Describe an alternative approach that may be used.