Central Airlines claims that the median price of a round-trip ticket from Chicago to Jackson Hole, Wyoming, is $503. This claim is being challenged by the Association of Travel Agents, who believe the median price is less than $503. A random sample of 400 round-trip tickets from Chicago to Jackson Hole revealed 160 tickets were below $503. None of the tickets was exactly $503. Let α = .05.
a. State the null and alternate hypotheses.
b. What is your decision regarding H0? Interpret.