Test H 0 that the population mean wage rate is $32/hr, at a 5% significance level. Would you be correct to say, “There is sufficient evidence to conclude that the population mean wage rate is below...

TestH₀

that the population mean wage rate is $32/hr, at a 5% significance level. Would you be correct to say, “There is sufficient evidence to conclude that the population mean wage rate is below $32/hr?” Explain why or why not.

Extracted text: Some critical values you may want to use: ta, df, is the value such that probability P(t > ta, df) = a, where t is a variable that follows a Student's t-distribution with d.f. degrees of freedom: to.025, 7 = 2.365; to.025, 8 = 2.306; to.05,7 = 1.895; to.05, 8 = 1.860; to.10, 7 = 1.415; to.10, 8 = 1.397. Za is the value such that probability P(Z > Za) = a, where Z is a variable that follows a standard normal distribution: Zo.025 = 1.960; Zo.05 = 1.645; Z0.1= 1.282. A researcher went out and collected a random sample of 8 individual wage rates from a population that is known to be normally distributed. The wage rates in the sample were: $16/hr, $21/hr, $22/hr, $29/hr, $25/hr, $24/hr, $23/hr, $24/hr.