The cost of weddings in the United States has skyrocketed in recent years. As a resultmany couples are opting to have their weddings in the Caribbean. A Caribbeanvacation resort recently advertised in Bride Magazine that the cost of a Caribbeanwedding was less than $10,000. Listed below is a total cost for asample of 8 Caribbean weddings.
$9,700 $9,400 $11,700 $9,000 $9,100 $10,500 $9,100 $9,800
a) State the appropriate null and alternative hypotheses.
b) State the critical value rule using the 5 percent level of significance.
c) Calculate your test statistic. Show your calculation
d) What is your decision regarding the null statement?
e) Write a conclusion statement.
f) Consider the results of the hypothesis test you conducted above. Which of the two types of errors could you have committed? Explain the ramification of committing such an error in the context of this scenario.