A Professor Was Interested in Determining Whether the Prices of New

question 16

Multiple Choice

A professor was interested in determining whether the prices of new textbooks in the bookstore were higher than if purchased online. She selected 6 textbooks and priced each
At the bookstore and online. Paired T for Bookstore - Online
$\begin{array} { l r r r r } & \mathrm { N } & \text { Mean } & \text { StDev } & \text { SE Mean } \\ \text { Bookstore } & 6 & 115.00 & 22.36 & 9.13 \\ \text { Online } & 6 & 105.83 & 13.20 & 5.39 \\ \text { Difference } & 6 & 9.17 & 13.20 & 5.39 \end{array}$
$95 \div$ lower bound for mean difference: $- 1.69$
T-Test of mean difference $= 0 ( \mathrm { vs } > 0 ) : \mathrm { T }$ -Value $= 1.70 \mathrm { P }$ -Value $= 0.075$ Based on her analysis, we can conclude at the 0.05 level of significance that

• A) The prices are the same in the bookstore and online.
• B) The prices are higher in the bookstore.
• C) The prices are higher online.
• D) The prices are different in the bookstore and online.
• E) The analysis is not conclusive.

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Definitions:

Average Donation

The mean amount given by donors, calculated by dividing the total amount of donations by the number of donors.

Dispersed Distribution

Refers to how spread out or scattered the data points are within a distribution.

Weighted Mean

An average in which each quantity to be averaged is assigned a weight, reflecting its importance or frequency.

Geometric Mean

The nth root of the product of n numbers, used to calculate average rates of return or growth over time for variables that fluctuate multiplicatively.