In a recent year published statistics by the National Cattlemen s
In a recent year, published statistics by the National Cattlemen’s Beef Association claimed that the average retail beef price for USDA All Fresh beef was $2.51. Suppose a survey of retailers is conducted this year to determine whether the price of USDA All Fresh beef has increased. The Excel output of the results of the survey is shown here. Analyze the output and explain what it means in this study. An alpha of .05 was used in this analysis. Assume that beef prices are normally distributed in the population. Comment on any substantive results.
Mean ....... 2.55
Variance ..... 0.0218
Observations .... 26
Df ......... 25
t Stat ........ 1.51
P (T <= t) one-tail .. 0.072
t Critical one-tail .. 1.71
P (T <= t) two-tail ..... 0.144
t Critical two-tail ... 2.06

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