Question

In: Statistics and Probability

An electronics retailer would like to investigate the relationship between the selling price of a digital...

An electronics retailer would like to investigate the relationship between the selling price of a digital camera and the demand for it. The table shown below gives the weekly demand for the camera in one particular market along with the corresponding price. These data have a sample correlation​ coefficient, rounded to three decimal​ places, of -0.930. Using a significance level of 0.10, test if the population correlation coefficient between the selling price and the demand for the camera is less than zero. What conclusions can you​ draw? (Please round to the correct decimal places!)

demand Price
17 320
19 330
14 340
10 350
7 360

* The correct null and alternative​ hypotheses?

Ho: p > 0 (there is a line under >)

Ho: P > 0

*What is the test​ statistic?

t=

(round to two decimal places)

*What is the P-Value?

p=

(round to three decimal places)

*State the conclusion (choose the right answer)

do not reject/ reject the Ho. There is not / is enough evidence from the sample to conclude that P is less than/ greater than zero.

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