According to the USA Today article “Laptops inching closer to PCs in popularity” (February 6, 2005), the desktop PC era is ending and the age of laptops has begun. A study by researcher Current Analysis found that laptop prices fell to an average of

$1211 during the 2004 December holidays. The mean purchase price was thought to be $1240. The researcher’s finding is based on the purchase price for a sample of 35 recently purchased laptops. Assuming that   $66.75, does the researcher have sufficient evidence to make his claim or could his sample results have realistically occurred by chance?

a. Describe the parameter of interest.

b. State the null and alternative hypotheses.

c. Calculate the value for z and find the p-value.

d. State your decision and conclusion using

  0.001.