The average credit card debt camed by college students was compared at public ve

Question

The average credit card debt camed by college students was compared at public versus pnvate universities It was reported that a statisticaly significant difference existed between the two types of nsttuoons and that students at private universities camed higher credit card debt Complete parts athrough c below. Explain what statistically significant means in ths context Choose the connect answer below O A. The differences that were observed between the group of students at public institutions and those at private institutions were great enough to be important to reseachers O B. The probability of observing these drtenences assuming that there were no difference was greater than 5% O c. We expect with 95% confidence mat the average credit card debt camed by students at prvate instuttons s hgher than debt camed by students at putle istntons O D. The ditterences that were observed between the group of studerts at publc insttutors and those at pnvate instations were too great to be artreu ratural sampling vanaton ther conclusion is incomect, what type of emordidthe researchers commit? The eesearchers commned a Type Ierior thDoes this prove that students who choose to anend public irsttutons wR camy lower credt cad debt? Choose the tomect answer beloa O B. No, because resurs are statisticahy signficant but might not bave practca signfcaree C. No, because the resuhscould be in emor camed by studeres A causal viationship cannot be inferred because there could be many other factors that are aftoctng the crest card debt

Explanation / Answer

1.) Answer (B) the probability of observing these differences assuming that there was no difference was greater than 5%

Explaination - we set the hypotheses as

H0 : there is no difference

H1 : the average credit card debt carried by private institution students is higher than that by public institution student.

And the test is "statistically significant" if p-value > 0.05 (5%).

C.) Answer(d) No, because there could be many other factors that are affecting the credit card debt carried by students.

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