PLEASE SHOW ALL WORK IN EXCEL. Given: N=363 data points, STDEV= 20863.68 Given:

Question

PLEASE SHOW ALL WORK IN EXCEL.

Given: N=363 data points, STDEV= 20863.68

Given: A claim is made that the average salary for all jobs in Minnesota is less than $65,000. You are going to test the claim using ?=0.05 and assume that your data is normally distributed and the population standard deviation (?) is not known.

1.)Identify and explain which test statistic you will use for your hypothesis test: z or t? Find the value of the test statistic.

2.)What is the critical value? Describe the rejection region.

3.)Using the critical value approach, should you reject the null hypothesis or not reject the null hypothesis? Explain. After making your decision, restate it in non-technical terms and make a conclusion about the original claim?

4.)Calculate the p-value for this hypothesis test, and state the hypothesis conclusion based on the p-value. Does this match your results from the critical value method?

Test Hypothesis: H0 u 65000 H 1: ? critical value, Reject the nul hypothesis, If test statistic iscritical value, Do not reject the nul hypothesis:

Explanation / Answer

Since no data is given and the questions for 1-3 are theoretically answered I will give the answer for part 4.

p-value is the probablitity of the test statistic being equal to the observed value.If p-value is less than 0.05 we reject the Null Hypothesis and if p -value is more than 0.05 we cannot reject the null hypothesis.

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