Work should be done in EXcel
Refer to the Wage data which report information on the annual wages for a SAMPLE OF 100 WORKERS. ALSO INCLUDED ARE VARIABLES RELATING TO THE INDUSTRY, YEARS OF EDUCATION, AND GENDER FOR EACH OTHER WORKER.(data can be found at
a. Conduct a test of hypothesis to determine if the mean annual wage is greater than $30, 000. Use the .05 significance level. Determine the p-value and interpret the results.
Step by step method for testing the hypothesis under 5 step approach is discussed here. Excel template for each problem is also included. This template can be used to obtain the answers of similar problems.