1. Math
  2. Statistics And Probability
  3. a consumer product magazine recently ran a story concerning the...

Question: a consumer product magazine recently ran a story concerning the...

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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 $90. 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 $90.00. The information was entered into a spreadsheet and the following printout was obtained: t.test (data,mu- 90, alternative twO.sided One Sample t-test data: data t2.0907, df- 28, p-value 0.04575 alternative hypothesis: true mean is not equal to 90 95 percent confidence interval: 84.19729 89.94064 sample estimates: mean of x 87.06897 Please answer the questions 29-30. 29. Use the p-value given above to determine which of the following conclusions is correct. (a) At α 0.03, there is insufficient evidence to indicate that the mean price of all (b) At α 0.03, there is sufficient evidence to indicate that the mean price of all (c) At α 0.05, there is sufficient evidence to indicate that the mean price of all (d) At α 0.05, there is insufficient evidence to indicate that the mean price of all 30. Use the confidence interval given above (95 % CI for μ is 18449789940) to determine digital cameras is not $90.00 digital cameras is $90.00 digital cameras exceeds $90.00 digital cameras exceeds $90.00 which of the following conclusions is correct. (a) P(84497 < μ < 89.940)-0.95 (b) We are 95% confident that the μ 90 is correct. (c) We should not reject Ho since 90 is not inside the interval. (d) We are 95% confident that μ 90 is not correct. 10
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