A marketing researcher wants to estimate the mean savings (exist) realized by sh

Question

A marketing researcher wants to estimate the mean savings (exist) realized by shoppers who showroom. Showrooming is the practice of inspecting products in retail stores and then purchasing the products online at a lower price. A random sample of 150 shoppers who recently consumer electronics item online after making a visit to a retail store yielded a mean savings of exist59 and a standard deviation of exist57. Complete parts (a) and (b) below. a. Is there evidence that the population mean savings for all showroomers who purchased a consumer electronics item is different from exist53? (Use a 0.10 level of significance.) State the null and alternative hypotheses. H_0:mu H_1:mu (Type integers or decimals. Do not round. Do not include the exist symbol in your answer.) identify the critical value (s). The critical value(s) is (are) (Type an integer or a decimal. Round to two decimal places as needed. Use a comma to separate answers as needed.) Determine the test statistic, The test statistic, t_STAT is (Type an integer or a decimal. Round to two decimal places as needed.) State the conclusion. H_0. There is evidence to conclude that the population mean savings for all showroomers who purchased a consumer electronics item is different from exist53. b. Determine the p-value and interpret its meaning. The p-value is (Type an integer or a decimal. Round to three decimal places needed.) Interpret the meaning of the p-value. Select the correct answer below. A. The p-value is the probability of obtaining a sample mean that is equal to or more extreme than exist6 below exist53 if the null hypothesis is false. B. The p-value is the probability of obtaining a sample mean that is equal to or more extreme than exist6 above exist53 if the null hypothesis is false. C. The p-value is the probability of not rejecting the null hypothesis when it is false. D. The p-value is the probability at obtaining a sample mean that is equal to or more extreme than exist6 away from exist53 if the null hypothesis is true.

Explanation / Answer

The statistical software output for this problem is:

One sample T hypothesis test:
: Mean of population
H0 : = 53
HA : 53

Hypothesis test results:

Hence,

a) Null and alternative hypotheses:

H0 : = 53
H1 : 53

Critical values are:

-1.66, 1.66

Test statistic:

1.29

Do not reject; no evidence

b) p - Value:

0.199

Option D is correct.

Mean Sample Mean Std. Err. DF T-Stat P-value 59 4.6540305 149 1.2892051 0.1993

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