Question 1039452
A United Nations report shows the mean family income for Mexican migrants to the United States is $26,500 per year. A FLOC (Farm Labor Organizing Committee) evaluation of 24 Mexican family units reveals a mean to be $30,150 with a sample standard deviation of $10,560. Does this information disagree with the United Nations report? Apply the 0.01 significance level.
============================================================= 
I have the H0: μ = 26,500 and H1: μ ≠ 26,500 
but can't figure out how to State the decision rule for .01 significance level.
Note:: The rejection intervals are a right-tail and a left-tail with 
each area being 0.01/2 = 0.005
The t values are invT(0.995,23) = 2.8073 and invT(0.005,23) = -2.8073
Reject Ho if t < -2.8073 or if t > +2.8073
----------------------------------
Test statistic::
t(30,150) = (30150-26500)/[10560/sqrt(24)] = 1.6933
----
Conclusion:: Since the test statistic is not in the rejection
interval, fail to reject Ho.
-------------------------- 
Reject H0 if t is not between -2.8073 and +2.8073 
------------
Cheers,
Stan H.
-------------