A consumer product magazine recently ran a story concerning the increasing price

Question

A consumer product magazine recently ran a story concerning the increasing price of VCR's. The story stated that VCR prices dipped in the early 1990's but now are beginning to skyrocket in price. According to the story, the average price of a VCR in 1992 was $220. use the statistix printout shown below to answer the following question regarding this story

One-Sample T Test f or VCR Price

Null hypothesis: Mu=220

Alternative Hyp: MU>220

Mean: 250.23

STD error: 15.62

Mean - Ho 30.23

T 1.935

DF 19

O .0340

Cases included: 20

Find the rejection region appropriate is we are using t-test with = 0.05

Explanation / Answer

Critical Value
The Value of |t | with n-1 = 19 d.f is 1.729
Rejection region would be to > 1.729

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