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Author Question: A consumer product magazine recently ran a story concerning the increasing prices of digital ... (Read 83 times)

future617RT

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on: Feb 14, 2020
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: μ = 215
Alternative Hyp: μ > 215


​95% Conf Interval
Variable Mean SE Lower Upper T DF P
Camera Price 245.23 15.620 212.740 277.720 1.94 21 0.0333

Cases Included 22

Is a sample size n = 22 large enough to utilize the central limit theorem in this inferential procedure?
◦ No, since either np or nq is less than 15
◦ No, since n < 30
◦ Yes, since the central limit theorem works whenever means are used
◦ Yes, since both np and nq are greater than or equal to 15
Statistics ¦ McClave, Sincich, Tamarack ¦ 12th Edition
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Marked as best answer by future617RT on Feb 14, 2020

Jody Vaughn

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Reply #1 on: Feb 14, 2020
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future617RT

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Reply 2 on: Feb 14, 2020
Great answer, keep it coming :)

amandalm

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Reply 3 on: Yesterday
:D TYSM

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