Hypothesis Testing of Graduate Monthly Income
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According to state government, the monthly incomes of college graduates have a standard deviation of $650. A county official believes that the standard deviation of monthly incomes is higher in her county.
A sample of 71 college graduates are randomly selected and found to have a standard deviation of $700.
a) Assuming the distribution of incomes of college graduates is normally distributed, test the claim using the p-value approach with alpha=0.05.
b) Interpret the meaning of the p-value within the context of the question.
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Solution Summary
This solution presents the null and alternative hypothesis and calculates the test statistic to compare to the p-value. A decision is made to either accept or reject the null hypothesis.
Solution Preview
Hypotheses: H0: 650 vs. HA: > 650
Level of Significance: = 5%
Decision Rule: Reject the null hypothesis if ...
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