Question
In: Statistics and Probability
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 |
- State the null hypothesis and the alternate hypothesis. Use a 0.05 level of significance. (Enter your answers in thousands of dollars.)
- 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.)
- Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.)
- 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 |
- State the null hypothesis and the alternate hypothesis. Use a 0.05 level of significance. (Enter your answers in thousands of dollars.)
- 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.)
- Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.)
- What is the conclusion regarding the null hypothesis?
Solutions
orchestra answered 2 years agoRelated Solutions
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...
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 0.10 significance level, is it
reasonable to conclude the mean wedding cost is less than $30,000
as advertised? 30.3 30.0...
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 0.01 significance level, is
it reasonable to conclude the mean wedding cost is less than
$30,000 as advertised?
28.6
31.4...
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 0.10 significance level, is it
reasonable to conclude the mean wedding cost is less than $30,000
as advertised?
...
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?
29.1
30.3...
The cost of weddings in the United States has skyrocketed in recent years. As a result,...
The cost of weddings in the United States has skyrocketed in
recent years. As a result, 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 $10,000. Listed below is a total cost in $000 for a
sample of 8 Caribbean weddings. At the 0.025 significance level is
it reasonable to conclude the mean wedding cost is less than
$10,000...
The cost of weddings in the United States has skyrocketed in recent years. As a result,...
The cost of weddings in the United States has skyrocketed in
recent years. As a result, 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 $10,000. Listed below is a total cost in $000
for a sample of 8 Caribbean weddings. At the .01 significance level
is it reasonable to conclude the mean wedding cost is less than
$10,000...
The cost of a wedding has skyrocketed in recent years. As a result, many couples are...
The cost of a wedding has skyrocketed in recent years. As a
result, many couples are opting to have their weddings in the
Caribbean. A Caribbean vacation resort recently advertised that the
cost of a Caribbean wedding was less than $10 000. Listed below is
the total cost (in $ thousands) for a sample of eight Caribbean
weddings:
$10.0
$9.4
$9.9
$9.4
$9.4
$9.1
$10.9
$10.7
a. State the null hypothesis and the alternate
hypothesis. (Enter the final answers in...
The cost of a wedding has skyrocketed in recent years. As a result, many couples are...
The cost of a wedding has skyrocketed in recent years. As a
result, many couples are opting to have their weddings in the
Caribbean. A Caribbean vacation resort recently advertised that the
cost of a Caribbean wedding was less than $10 000. Listed below is
the total cost (in $ thousands) for a sample of eight Caribbean
weddings:
$9.7
$10.2
$9.1
$10.6
$9.3
$10.1
$11.0
$9.8
a. State the null hypothesis and the alternate
hypothesis. (Enter the final answers in...
Exercise 10-8 Utilization of a Constrained Resource [LO10-5, LO10-6] Barlow Company manufactures three products: A, B,...
Exercise 10-8 Utilization of a Constrained Resource [LO10-5,
LO10-6]
Barlow Company manufactures three products: A, B, and C. The
selling price, variable costs, and contribution margin for one unit
of each product follow:
Product
A
B
C
Selling price
$
200
$
300
$
260
Variable
expenses:
Direct
materials
28
70
35
Other
variable expenses
112
110
160
Total variable
expenses
140
180
195
Contribution
margin
$
60
$
120
$
65
Contribution margin
ratio
30
%
40
%...
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