Answer to Question #212991 in Economics for alex

Question

Calculation on Population Mean: σ Known/unknown

1.     Wall Street securities firms paid out record year-end bonuses of $125,500 per employee for 2005 (Fortune, February 6, 2006). Suppose we would like to take a sample of employees at the Jones & Ryan securities firm to see whether the mean year-end bonus is different from the reported mean of $125,500 for the population.

 

A.   State the null and alternative hypotheses you would use to test whether the year-end bonuses paid by Jones & Ryan were different from the population mean.

B.    Suppose a sample of 40 Jones & Ryan employees showed a sample mean year-end bonus of $118,000. Assume a population standard deviation of σ =$30,000 and compute the p-value.

C.     With α = .05 as the level of significance, what is your conclusion?

D.   Repeat the preceding hypothesis test using the critical value approach.

 

Answer 1

Dear alex, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order