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The Upper Deck Ken Griffey, Jr., rookie baseball card is one of the iconic collectibles of the 1980s, and as such have maintained a
The Upper Deck Ken Griffey, Jr., rookie baseball card is one of the iconic collectibles of the 1980s, and as such have maintained a decent value despite the fact that over a million were printed. In 2021, ungraded versions of the card sold for an average of $50, but hobbyists believe that average is increasing. A random sample of 38 recent sales of the card yield a mean price of $58.23. Assume the population standard deviation is holding steady at $24. Test the claim that the mean selling price of ungraded Upper Deck Griffey rookie cards is now greater than $50. Use 0.05 as your level of significance. Be sure to report the p-value and write an interpretation in terms of the claim that we have been told to test.
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