Final answer:
Typically, a test statistic of 2.45 would correspond to a very low p-value which would suggest rejecting the null hypothesis. However, in the context provided, none of the available options match the expected p-value for a test statistic of 2.45.
Step-by-step explanation:
To determine the p-value associated with the test statistic of 2.45 when testing if the average package of butter is less than 16 ounces at the 1% level of significance, it is important to refer to statistical tables or use statistical software. However, the test statistic value provided seems inconsistent with the narrative of the question, as a test statistic of 2.45 typically indicates a sample mean that is greater than the hypothesized population mean in the context of a one-tailed test.
Nonetheless, if the test statistic were correct and assuming a normal distribution, a value of 2.45 would correspond to a p-value that is greater than 0.01 (the significance level of 1%), which means that we would not reject the null hypothesis. But none of the options provided (a) 0.0062, (b) 0.0124, (c) 0.9876, (d) 0.9938 seem to match the typical p-value for a test statistic of 2.45, which would normally be quite low (p < 0.01), as the test statistic is quite high.