Question

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?
29.5
29.9
30.1
28.9
29.6
28.7
28.7
29.9

State the null hypothesis and the alternate hypothesis. Use a 0.10 level of significance. (Enter your answers in thousands of dollars.)

State the decision rule for 0.10 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?

Answer 1

Answer:

We conclude that the mean wedding cost is less than $30,000 as advertised.

Step-by-step explanation:

We are given the following data set:(in thousands)

29100, 28500, 28800, 29400, 29800, 29800, 30100, 30600

Formula:

 

where  are data points,  is the mean and n is the number of observations.  

Sum of squares of differences = 3408750

Population mean, μ = $30,000

Sample mean,  = $29512.5

Sample size, n = 8

Alpha, α = 0.05

Sample standard deviation, s = $ 697.82

First, we design the null and the alternate hypothesis

We use one-tailed t test to perform this hypothesis.

Formula:

Putting all the values, we have

Now,

Since,                  

We fail to accept the null hypothesis and reject it.

We conclude that the mean wedding cost is less than $30,000 as advertised.

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