a sample of 64 people were selected. It was determined that the avg wage of each person per day in the sample was $43. The population standard deviation is $10.
question= use a 5% level of significance to determine whether or not the avg wage is significantly different from $40 using the p-value approach.
what is the p-value in this equation?
question= use a 5% level of significance to determine whether or not the avg wage is significantly different from $40 using the p-value approach.
what is the p-value in this equation?
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You have n=64, 饾渿=40, 饾湈=10, Xbar=43 and 饾浖=0.05
z=(Xbar-饾渿)/(饾湈/sqrt(n))
z=(43-40)/(10/sqrt(64))
z=3/1.25=2.4
The p-value is the area to the right of the value 2.4.From the table you get
P(z>2.4)=1-P(z<2.4)=1 - 0.9918=0.0082
The hypothesis is
H0:饾渿=40
Ha:饾渿鈮?0(claim)
Since the p-value is less than 0.05 we reject H0.So there is enough evidence to support the claim that the avg wage is significantly different from $40 .
z=(Xbar-饾渿)/(饾湈/sqrt(n))
z=(43-40)/(10/sqrt(64))
z=3/1.25=2.4
The p-value is the area to the right of the value 2.4.From the table you get
P(z>2.4)=1-P(z<2.4)=1 - 0.9918=0.0082
The hypothesis is
H0:饾渿=40
Ha:饾渿鈮?0(claim)
Since the p-value is less than 0.05 we reject H0.So there is enough evidence to support the claim that the avg wage is significantly different from $40 .