In a recent year, published statistics by Drovers indicated that the average all-fresh retail beef price was $5.83 per pound. Suppose a survey of retailers is conducted this year to determine whether the price of all-fresh retail beef has increased. The Excel output of the results of the survey are shown here. Analyze the output and explain what it means in this study. An alpha of .05 was used in this analysis. Assume that all-fresh retail beef prices are normally distributed in the population. Comment on any substantive results.

Appendix A Statistical Tables

Mean 5.91

Variance 0.0162

Observations 26

df 25

tStat 1.46

P(T<=t) one-tail 0.078

tCritical one-tail 1.71

P(T<=t) two-tail 0.157

tCritical two-tail 2.06

The decision is(select a decision)

to reject the null hypothesis OR to fail to reject the null hypothesis.

There(select an option)

is not OR is enough evidence to conclude that beef prices are higher.