State the decision rule for .05 significance level

Assignment Help Econometrics

Reference no: EM13214116

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 .05 significance level is it reasonable to conclude the mean wedding cost is less than $10,000 as advertised? 8.6 9.2 10.4 8.5 8.8 9.7 9.6 8.4

(a) State the null hypothesis and the alternate hypothesis. Use a .05 level of significance. (Enter your answers in thousands of dollars.) H0: ? ? H1: ? <

(b) State the decision rule for .05 significance level. (Round your answer to 3 decimal places.) Reject H0 if t <

(d) At the .05 significance level is it reasonable to conclude the mean wedding cost is less than $10,000 as advertised?

Reference no: EM13214116

Questions Cloud

Why the people decide to go for the default option : Behavioral economists believe that people do not always act in ways the traditional economic framework suggests they should which of the following are examples of this? check all that apply (why) 1. Some people treat $100 they earn differently fro..

Define combustion of pentane yields carbon dioxide and water : The complete combustion of pentane yields carbon dioxide and water. When the equation C5H12(l) + O2(g) ? CO2(g) + H2O(l) is balanced, the ratio of the coefficient of CO2 to the coefficient of O2 is

Neoclassicism-impressionism and abstract expressionism : summary that compares and contrasts Neoclassicism, Impressionism, and Abstract Expressionism. Use the three selected artworks above as your examples.

Affect the yield on bay paths newly issued bonds : How much money will Bay Path realize from its $50 million bond issue if the actual yield is either 5% or 7% and how would the following affect the yield on Bay Path's newly issued bonds?

State the decision rule for .05 significance level : 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 .05 significance level is it reasonable to conclude the mean wedding cost is less than $10,000 as advertised? 8.6 9.2 10.4..

Explain the total pressure exerted on the diver : What must the oxygen content (in percent by volume) be when the total pressure exerted on the diver is 4.0 atm?

Psychology and health problems : Summarize the multifactorial model and how it relates to the diagnosis of illnesses. Select two health problems discussed in the text.

What is your decision regarding the null hypothesis : The following hypotheses are given. H0 : 0.71 H1 : > 0.71 A sample of 100 observations revealed that p=0.85. At the 0.02 significance level, can the null hypothesis be rejected (a) State the decision rule. (Round your answer to 2 decimal places.)

Assume the weight of a randomly : Assume the weight of a randomly chosen American passenger car is a uniformly distributed random variable ranging from 2,500 pounds to 4,500 pounds.

User Account

All Pages