(Answered) Thedepartmentoflaborwould liketotestthehypothesisthatthe

Management Studies

The Department of Labor would like to test the hypothesis that the average hourly wage for recent college graduates is less than $20. A random sample of 24 recent college graduates averaged $19.30 per hour with a standard deviation of $3.20 per hour. The Department of Labor would like to set the significance level to 10%.

a. Write down the null and alternative hypotheses.

b. What is the critical value?

c. Calculate the test statistic.

d. Compare the test statistic with the critical value. Do you reject or fail to reject the null hypothesis?

e. In words, state your conclusion and interpret the results of the hypothesis test.

View complete question

Business Management, Management Studies

Category:- Business Management
Reference No.:- M92288764
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Management

Identify stakeholder training requirements and needs from a

Identify stakeholder training requirements and needs from a knowledge system requires research. Give examples of methods you have used, or would consider using in the future, to assess client learning needs.

List two pieces of legislation or regulations that affect

List two pieces of legislation or regulations that affect stock in a medical clinic and explain the intent of each one.

A description of how each of the two management styles

A description of how each of the two management styles selected distinctively create organizational cultures. Describe the strengths and weaknesses of the two styles. Explain how these differences could align or be disso ...

The decision to globalize operations is very complex and

The decision to globalize operations is very complex and not without risks. Chose a company that has not yet globalized and answer the following: Describe how would you decide if the best option was to expand globally An ...

Outline why the culture of a country might influence the

Outline why the culture of a country might influence the benefits of doing business in that country. Illustrate the answer with examples.

Suppose you just received a shipment of fourteenthreethree

Suppose you just received a shipment of fourteen Three Three of the televisions are defective. If two televisions are randomly? selected, compute the probability that both work. What is the probability at least one of th ...

In a society where relationships are lineal and people are

In a society where relationships are lineal, and people are believed to be either good or bad, what kind of leadership style would you expect to find?

Suppose a consumer is trying to make a choice over the

Suppose a consumer is trying to make a choice over the consumption of two goods: x and y. Px = 3, Py = 4 and the income is equal to 50. Assume that the government distributes some stamps that are good to buy 5 units of g ...

Reply to the following statementmotivation to complete

Reply to the following statement: "Motivation to complete tasks in the workplace can be varied and fluid on most occasions. Employers can assist in providing good extrinsic motivating factors ensuring stability and perce ...

What is the lesson learned from the national geographic

What is the lesson learned from the National Geographic story about swarm theory?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Management Expert