A consumer product magazine recently ran a story concerning the increasing prices of digital cameras. The story stated that digital camera prices dipped a couple of years ago, but now are
Beginning to increase in price because of added features. According to the story, the average price
Of all digital cameras a couple of years ago was $215.00. A random sample of cameras was recently
Taken and entered into a spreadsheet. It was desired to test to determine if that average price of all
Digital cameras is now more than $215.00. The information was entered into a spreadsheet and the
Following printout was obtained: One-Sample T Test
Null Hypothesis: $\mu = 215$
Alternative Hyp: $\mu 215$

Cases Included 22

Use the p- value given above to determine which of the following conclusions is correct.
A) At $\alpha = 0.03$, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$
B) At $\alpha = 0.01$, there is sufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$
C) At $\alpha = 0.10$, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$
D) At $\alpha = 0.05$, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$

Question

A consumer product magazine recently ran a story concerning the increasing prices of digital cameras. The story stated that digital camera prices dipped a couple of years ago, but now are
Beginning to increase in price because of added features. According to the story, the average price
Of all digital cameras a couple of years ago was $215.00. A random sample of cameras was recently
Taken and entered into a spreadsheet. It was desired to test to determine if that average price of all
Digital cameras is now more than $215.00. The information was entered into a spreadsheet and the
Following printout was obtained: One-Sample T Test
Null Hypothesis: $\mu = 215$
Alternative Hyp: $\mu > 215$

Cases Included 22

Use the p- value given above to determine which of the following conclusions is correct.
A) At $\alpha = 0.03$, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$ 
B) At $\alpha = 0.01$, there is sufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$ 
C) At $\alpha = 0.10$, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$ 
D) At $\alpha = 0.05$, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$

Quizplus · Accepted Answer

The Answer of A consumer product magazine recently ran a story concerning the increasing prices of digital cameras. The story stated that digital camera prices dipped a couple of years ago, but now are
Beginning to increase in price because of added features. According to the story, the average price
Of all digital cameras a couple of years ago was $215.00. A random sample of cameras was recently
Taken and entered into a spreadsheet. It was desired to test to determine if that average price of all
Digital cameras is now more than $215.00. The information was entered into a spreadsheet and the
Following printout was obtained: One-Sample T Test
Null Hypothesis: $\mu = 215$
Alternative Hyp: $\mu > 215$

Cases Included 22

Use the p- value given above to determine which of the following conclusions is correct.
A) At $\alpha = 0.03$, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$ 
B) At $\alpha = 0.01$, there is sufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$ 
C) At $\alpha = 0.10$, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$ 
D) At $\alpha = 0.05$, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $\$ 215.00$

A Consumer Product Magazine Recently Ran a Story Concerning the Increasing