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A Consumer Product Magazine Recently Ran a Story Concerning the Increasing

question 96

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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: $\mu > 215$
$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 $215.00. The information was entered into a spreadsheet and the Following printout was obtained: One-Sample T Test Null Hypothesis: \mu = 215 Alternative Hyp: \mu > 215 Cases Included 22 Use the p- value given above to determine which of the following conclusions is correct. A) At \alpha = 0.03 , there is insufficient evidence to indicate that the mean price of all digital cameras exceeds \$ 215.00 B) At \alpha = 0.01 , there is sufficient evidence to indicate that the mean price of all digital cameras exceeds \$ 215.00 C) At \alpha = 0.10 , there is insufficient evidence to indicate that the mean price of all digital cameras exceeds \$ 215.00 D) At \alpha = 0.05 , there is insufficient evidence to indicate that the mean price of all digital cameras exceeds \$ 215.00$

Cases Included 22

Use the p- value given above to determine which of the following conclusions is correct.

Definitions:

Cause Marketing

A type of corporate social responsibility in which a company's promotional campaign has the dual purpose of increasing profitability while bettering society.

Licensing Agreement

A legal contract between two parties, where one party gives the other permission to use its brand, patent, or proprietary information under agreed terms.

Fees for Service

Charges imposed for specific services provided by professionals or organizations, often based on the service's complexity or the time required to perform it.

Earned Income

Income generated from the sale of goods and services, distinguishing it from donations or grants in nonprofit organizations.