A Consumer Product Magazine Recently Ran a Story Concerning the Increasing

question 105

Multiple Choice

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 \(\alpha = 0.05\), 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 \(\alpha = 0.03\), there is insufficient evidence to indicate that the mean price of all digital cameras exceeds \(\$ 215.00\)
• D) At \(\alpha = 0.10\), there is insufficient evidence to indicate that the mean price of all digital cameras exceeds \(\$ 215.00\)

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Definitions:

Unemployment

The condition in which a percentage of the population wants to work but is unable to find jobs.

Globalization Strategy

A plan of action adopted by a company to expand its operations and influence beyond its home country through trade, investment, and other business activities.

Internationally

Relating to, involving, or encompassing more than one nation, often referring to activities, businesses, or policies that cross national boundaries.