The number of "destination weddings" has skyrocketed in recent years. For example, many couples are opting...

The number of "destination weddings" has skyrocketed in recent years. For example, many couples are opting to have their weddings in the Caribbean. A Caribbean vacation resort recently advertised in Bride Magazine that the cost of a Caribbean wedding was less than $30,000. Listed below is a total cost in $000 for a sample of 8 Caribbean weddings. At the 0.05 significance level, is it reasonable to conclude the mean wedding cost is less than $30,000 as advertised? 28.5 29.5 29.9 30.2 29.2 30.4 29.0 28.9 How can I calculate in excel?

a.) State the null hypothesis and the alternate hypothesis.

b.) State the decision rule for 0.05 significance level.

c.) Compute the value of the test statistic.

d.) What is the conclusion regarding the null hypothesis.( Do not reject-reject) H0. The cost is (less/not less) than $30,000.

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Expert Solution

orchestra answered 1 year ago

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