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 .025 significance level, is it reasonable to conclude the mean wedding cost is less than $10,000 as advertised?
(a) State the null hypothesis and the alternate hypothesis. Use a .025 level of significance. (Enter your answers in thousands of dollars.)
(b) State the decision rule for .025 significance level. (Negative amount should be indicated by a minus sign.Round your answer to 3 decimal places.)
(c) Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.)