Suppose we are interested in analyzing average cost of a wedding. We know that on average, weddings cost $30,350 with a population standard deviation of $6650. Suppose we take a sample of 25weddings and we find that the average wedding cost is $33,900. We are interested in seeing if the average wedding cost is increasing. a. What is the standard error?
b. What is the margin of error at 90% confidence?
c. Using my sample of 25, what would be the 90% confidence interval for the population mean?
d. If I wanted to control my margin of error and set it to 2,000 at 90% confidence, what sample size would I need to take instead of the 25?
e. What are the null and alternative hypotheses?
f. What is the critical value at 90% confidence?
g. Calculate the test statistic (using the sample of 25 and NOT the answer from part d).
h. Find the p-value.
i. What conclusion would be made here at the 90% confidence level?