A random sample of eight drugstores shows the following prices (in $) for a popular pain reliever:

5.00 4.25 3.75 5.50 5.75 6.25 5.25 4.25

a. Specify the competing hypotheses to determine whether the median price is less than $4.50.

b. At the 5% significance level, what is the decision rule?

c. Calculate the value of the test statistic.

d. At the 5% significance level, can you conclude that the median price is less than $4.50?