b) What is the mean difference in credit card debt of the two groups in the orig

Question

b) What is the mean difference in credit card debt of the two groups in the original data?

c) What p-value did you get in your randomization? Explain in the context of the problem what the p-value means

d) Do you think the data support the null hypothesis of no difference in mean credit card debt between males and females or the alternate hypothesis that there is a difference? Explain your answer.

Randomized differences: Mean of CC Debt (Male Female) Event 823.63492 or below 823.63492 or above Count Proportion of 3000 runs 0.2167 0.2113 0.428 650 634 1284 Total Frequency 80 60 40 20 0 2000 Randomized difference of means -2000 4000

Explanation / Answer

Solution

b) mean difference between two groups = 650*0.2167 - 634*0.2113 = 6.8908

c) z score = 6.8928/(110.33+105.66)0.5 = 0.469

p value = 0.64

d) yes do not reject the null hypothesis  of no difference in mean credit card debt between males and females as p value is very high

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