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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:

Diffusion Curve

A graphical representation showing the rate and pattern of adoption of a new product, technology, or idea over time among members of a social system.

Maturity Phase

A stage in the product life cycle where sales growth stabilizes, and the product is well established in the market, facing increased competition.

Market Segments

The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics.

New-To-The-World

Products or services that create an entirely new market by being the first of their kind.