Math Problem Statement
A wedding website states that the average cost of a wedding is $27,643 . One concerned bride hopes that the average is less than reported. To see if her hope is correct, she surveys 50 recently married couples and finds that the average cost of weddings in the sample was $25,047 . Assuming that the population standard deviation is $7442 , is there sufficient evidence to support the bride’s hope at the 0.05 level of significance? Step 2 of 3 : Compute the value of the test statistic. Round your answer to two decimal places.
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Hypothesis Testing
Z-test
Statistical Inference
Formulas
Z-test formula for a single sample mean
Theorems
-
Suitable Grade Level
Advanced College Level
Related Recommendation
Hypothesis Testing: Average Wedding Costs Analysis
Hypothesis Testing Example: Is the Average Wedding Cost Below $26,706?
Hypothesis Testing for Average Income: Z-Test and P-value Approach
Calculating Wedding Costs: Normal Distribution and Z-scores
Hypothesis Testing for Proportions: Calculation and Interpretation