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Hypothesis test

The "Washington State Population Survey" is conducted biennially to support research on health care issues and other economic factors affecting Washington State residents. Data from the survey is publicly available and is used extensively in research by many organizations. See link for description of survey if you wish:
http://www.ofm.wa.gov/sps/2004/default.asp

The 2004 survey asks the question, "What kind of business or industry is your main job in?" Two of the more than 24 choices available are;

1) Health Care and Social Assistance
2) Finance and Insurance

The survey also collects data regarding hourly wage, gender, age, and many other socio-economic and demographic variables. If you were planning your career future in this state you might find this data useful in making a decision regarding which of the two industries provides a better financial outlook.

In the attached file, the data presented represents independent samples of two populations, measuring the hourly wage earned by those employed in the two industries. Some descriptive statistics are also calculated for you. At the 5% level of significance, can you state that there is a significant difference in mean hourly wage between the two industries?

I have worked on this for several hours but I can't seem to get a full understanding of the hypothesis testing process. Can you please
use the 5-step hypothesis testing process and include all the details of any calculations you make or explanation of how you arrive at any values you determine? Thanks!

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Solution Summary

This solution shows how to conduct an independent samples hypothesis test for the difference between two population means. All fomulas and calculations are shown along with detailed explanations of each step.

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