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Business Statistics Bob wants to find out whether he is significantly underpaying his part-time staff. He compares the mean hourly wage of 35 of his...
Business Statistics
Bob wants to find out whether he is significantly underpaying his part-time staff. He compares the mean hourly wage of 35 of his staff ($7.40 per hour) with the reported national average wage ($7.80 per hour). The sample standard deviation is $1.50. What statistical test should he conduct? Explain your answer. Write down the null and alternative hypotheses for the test. Determine the critical value(s) of the test statistic if the test is conducted at the 5% significance level. Determine the value of the sample test statistic. State whether Bob's mean hourly wage is HIGHER THAN, EQUALS TO, or LOWER THAN the national average wage. Provide an explanation for your answer.
