A Consumer Product Magazine Recently Ran a Story Concerning the Increasing

Multiple Choice

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: $\mu > 215$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$95 \% \text { Conf Interval }$
$\text { Variable\quad Mean \quad SE \quad Lower\quad Upper\quad T\quad DF \quad P }$
$\text { Camera Price } 245.23 \quad 15.620 \quad 212.740 \quad 277.720 \quad 1.9421 \quad 0.0333$
Cases Included 22 Use the p- value given above to determine which of the following conclusions is correct.

A) At ? = 0.01, there is sufficient evidence to indicate that the mean price of all digital cameras exceeds $215.00
B) At ? = 0.05, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $215.00
C) At ? = 0.10, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $215.00
D) At ? = 0.03, there is insufficient evidence to indicate that the mean price of all digital cameras exceeds $215.00