Question
In: Statistics and Probability
This assignment is intended to test your knowledge of how to appropriately compare two means in...
This assignment is intended to test your knowledge of how to appropriately compare two means in Excel using the data file Student_Debt.xlsx. The data file has 50 randomly selected student debt amounts from 2011 and 50 randomly selected student debt amounts from 2007. You want to know whether the sample data provide enough evidence to believe there is a difference between the debt amounts in the two years. The null and alternative hypotheses are shown below.
Null Hypothesis: Mean Student Debt in 2011 is equal to Mean Student Debt in 2007
Alternative Hypothesis: Mean Student Debt in 2011 is not equal to Mean Student Debt in 2007
- Run an F-test for two sample variances using an alpha level of
0.10 and answer the following questions
- Which of the two years has the higher mean?
Provide your answer below:
- Which of the two years has the higher variance?
Provide your answer below:
- Based on the statistical output, would you conclude that variances are equal or not equal?
Provide your answer below:
- Run an appropriate t-test (assuming either equal or unequal
variances based on your conclusion in 1c above) using an alpha
level of 0.05 and answer the following questions.
- Is this a one-tailed or two-tailed test? Explain your answer.
Provide your answer below:
- Based on the statistical output, would you conclude that means are equal or not equal?
In Provide your answer below:
- everyday language that could be understood by parents and students, what does the analysis say about student debt in 2011 versus 2007.
Provide your answer below:
| Debt in 2011 | Debt in 2007 |
| 4422 | 2939 |
| 4266 | 2812 |
| 4184 | 3198 |
| 4718 | 3032 |
| 3443 | 3759 |
| 4373 | 2675 |
| 3751 | 3148 |
| 3319 | 2743 |
| 4451 | 3264 |
| 3675 | 3346 |
| 3335 | 3357 |
| 3949 | 3103 |
| 3611 | 2856 |
| 3929 | 2903 |
| 3994 | 3320 |
| 4881 | 3139 |
| 4404 | 2784 |
| 4542 | 3329 |
| 4353 | 2430 |
| 4574 | 2932 |
| 3529 | 2500 |
| 4141 | 2617 |
| 2852 | 3072 |
| 2985 | 2310 |
| 4440 | 2120 |
| 3464 | 2344 |
| 3264 | 2830 |
| 4835 | 1873 |
| 3992 | 2742 |
| 3651 | 2777 |
| 4103 | 2601 |
| 3583 | 2500 |
| 4308 | 2525 |
| 4070 | 2837 |
| 4133 | 3245 |
| 3424 | 2368 |
| 3820 | 3339 |
| 3845 | 3080 |
| 3791 | 2865 |
| 3812 | 2617 |
| 3722 | 3634 |
| 3099 | 2470 |
| 3421 | 2908 |
| 3886 | 2675 |
| 4439 | 2858 |
| 4136 | 2942 |
| 3865 | 3101 |
| 3991 | 3240 |
| 3795 | 2926 |
| 3718 | 2856 |
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