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
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
Use the p- value given above to determine which of the following conclusions is correct.
◦ At α = 0.10, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $215.00
◦ At α = 0.03, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $215.00
◦ At α = 0.01, there is sufficient evidence to indicate that the mean price of all digital cameras exceeds $215.00
◦ At α = 0.05, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $215.00
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