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A publishing company claims that in fall 2019, the average price of college textbooks for a single semester is $385. Suppose you decide to collect
A publishing company claims that in fall 2019, the average price of college textbooks for a single semester is $385. Suppose you decide to collect data from a random sample of students to assess whether the publisher's claim is reasonable, and you find that in a random sample of 22 college students, the mean price of textbooks for the fall 2019 semester was $433.50 with a standard deviation of $86.92. The researchers calculated the -value to be 0.016. At the 0.01 significance level, is there sufficient evidence to conclude that the mean price of college textbooks for a single semester is different from the value claimed by the publisher? We can assume that the population of textbook prices are normally distributed. What conclusion below is appropriate? O At the 1% significance level, we can conclude that the mean price of textbooks per semester for college students in the fall 2019 semester is greater than publisher's claim of $385. (0.016) O At the 1% significance level, we can conclude that the mean price of textbooks per semester for college students in the fall 2019 semester is different from the publisher's claim of $385. (0.016) O At the 1% significance level, we can conclude that the mean price of textbooks per semester for college students in the fall 2019 semester is $433.50. (0.016) O At the 1% significance level, we cannot conclude that the mean price of textbooks per semester for college students in the fall 2019 semester is different from the publisher's claim of $385. (0.016)
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