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Exercise 10-45 (LO10-6) The number of "destination weddings" has skyrocketed in recent years. For example, many...

Exercise 10-45 (LO10-6)

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?

31.7 30.5 31.4 28.6 29.2 29.4 29.6 28.5
  1. State the null hypothesis and the alternate hypothesis. Use a 0.05 level of significance. (Enter your answers in thousands of dollars.)
  1. State the decision rule for 0.05 significance level. (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.)
  1. Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.)
  1. What is the conclusion regarding the null hypothesis?

Exercise 10-45 (LO10-6)

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?

31.7 30.5 31.4 28.6 29.2 29.4 29.6 28.5
  1. State the null hypothesis and the alternate hypothesis. Use a 0.05 level of significance. (Enter your answers in thousands of dollars.)
  1. State the decision rule for 0.05 significance level. (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.)
  1. Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.)
  1. What is the conclusion regarding the null hypothesis?

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orchestra answered 2 years ago
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