SOLUTION: 1. Teaching Assistants' Stipends. A random sample of stipends of teaching assistants in economics is listed. Is there sufficient evidence at the alpha=0.05 level to conclude that t
Question 1187774: 1. Teaching Assistants' Stipends. A random sample of stipends of teaching assistants in economics is listed. Is there sufficient evidence at the alpha=0.05 level to conclude that the average stipend differs from $15,000? The stipends listed (in dollars) are for the academic year.
14,000 18,000 12,000 14,356 13,185,13,419 14,000 11,981 17,604 12,283,16,338 15,000
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website! Ho: mean is 15000
Ha; mean is not
alpha=0.05 p{reject Ho|Ho true}
Test stat is a t0.975, df=11)
critical value |t| > 2.201
calculation mean is $14347.17; s=$2048.54
t=(14347.17-15000)/2048.54/sqrt (12)
=-652.83*sqrt(12)/2048.54
=-1.10
fail to reject Ho; insufficient evidence to suggest the true mean is not $15,000.
p-value=0.29