D Question 23 0.5 pts Refer to the Exhibit Average Income. State your conclusion for the test indicating whether you reject the null or not. 7'5 gt;...

Exhibit: Average Income.

The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2009 was $110,000. A sample of 34 dentists, which was taken in 2010, showed an average yearly income of $104,000. Assume the standard deviation of the population of dentists in 2010 is $21,000.

Round your solutions for this Exhibit to 4 digits.

Question 20

1 pts

Refer to the Exhibit Average Income.

We want to test to determine if there has been a decrease in the average yearly income of dentists (at the significance level 0.04). Construct the null and the alternative hypotheses for this test choosing the fields below:

H0: μ     [">", "=", "≠", "≥", "≤", "<"]                  ["110,000", "21,000", "104,000"]           

H1: μ     ["≤", ">", "<", "≥", "≠", "="]                 ["104,000", "110,000", "21,000"]           

Question 21

0.5 pts

Refer to the Exhibit Average Income.

Compute the test statistic.

Question 22

1 pts

Refer to the Exhibit Average Income.

Calculate the critical value for the test.

Question 23

0.5 pts

Refer to the Exhibit Average Income.

State your conclusion for the test indicating whether you reject the null or not.

Question 24

0.5 pts

Refer to the Exhibit Average Income.

State your conclusion for the test in words relying on the economic context of the problem.

A. There is enough evidence to conclude that the yearly income of dentists has decreased since 2009.

B. There is not enough evidence to conclude that the yearly income of dentists has decreased since 2009.

C. There is not enough evidence to conclude that the yearly income of dentists has changed since 2009.

D. There is enough evidence to conclude that the yearly income of dentists has increased since 2009.

Question 25

0.5 pts

Refer to the Exhibit Average Income.

Suppose that, instead of the critical value approach, you decided to use the p-value approach and found that the p-value for the test in this problem is equal to 0.0479. This p-value is best interpreted as the following:

A. There is a 4.79% probability of observing the average yearly income in the sample of 34 dentists of $104,000 or below.

B. There is a 4.79% probability of observing the average yearly income in the sample of 34 dentists of $104,000 or above if the actual average yearly income of dentists is $110,000.

C. There is a 4.79% probability of observing the average yearly income in the sample of 34 dentists of $104,000 or below if the actual average yearly income of dentists is $110,000.

D. There is a 4.79% probability of observing the average yearly income in the sample of 34 dentists of $110,000 or below.