Grandpa reminisced that the 1968 minimum wage, adjusted for inflation, was at most $10.86. His grandson...

Grandpa reminisced that the 1968 minimum wage, adjusted for inflation, was at most $10.86. His grandson respectfully disagreed with that estimate and wants to show Grandpa that the minimum wage was more than that. H0:p≤$10.86; Ha:p>$10.86. Identify the type of hypothesis test.

Solutions

Expert Solution

Solution :

This is the right tailed test .

The null and alternative hypothesis is

H0:p≤$10.86

Ha:p>$10.86.

alternative hypothesis is =Ha:p>$10.86.

orchestra answered 1 year ago

Next > < Previous

Related Solutions

Grandpa reminisced that the 1968 minimum wage, adjusted for inflation, was at most $10.86. His grandson...

Understanding Minimum Wage Policy Minimum wage is one of the most classic price floor policies that...

Understanding Minimum Wage Policy Minimum wage is one of the most classic price floor policies that governments use in practice. Suppose the following demand and supply curves describe the labor market for bus drivers in Endor. Demand: P = 20 – 0.75Q Supply: P = 2 + 0.25Q where P is the wage per hour, and Q represents the number of bus drivers hired, in thousands (e.g. Q = 1 means that 1,000 drivers have been hired). a) Calculate the...

2. The minimum wage law specifies a minimum price for hourly wages of the most of...

2. The minimum wage law specifies a minimum price for hourly wages of the most of the workers. Assume that the minimum effective wages (that is, above equilibrium) for workers who are not highly qualified. Analyze the impact of said law on the salary and employment of said workers, particularly the employment of foreigners. (14 points)

Discuss how CPI can be used to compare minimum wage increases to inflation?

Which of the following is the most likely outcome of a decrease in the minimum wage?...

Which of the following is the most likely outcome of a decrease in the minimum wage? Please also provide an explanation. a) an increase in the number of unskilled workers who are involuntarily unemployed b) an increase in the number of people who are voluntarily unemployed c) a shift to the right of the demand for unskilled workers d) a shift to the left of the supply of skilled workers e) a shift to the left of the supply of...

Is the minimum wage a living wage? Under what circumstances would a minimum wage be a...

Is the minimum wage a living wage? Under what circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor? Should the government enforce a minimum wage? Should the government implement a living wage?

Suppose that the U.S. government increases the legal minimum wage. Assume that most of the workers employed in the production of coffee are paid the legal minimum wage rate.

write a paragraph addressing question below and create a basic graph describingSuppose that the U.S. government increases the legal minimum wage. Assume that most of the workers employed in the production of coffee are paid the legal minimum wage rate.Will this affect the supply or the demand for coffee? Why?Which determinant of demand or supply is being affected?Create a graph with before- and after-curves on the same axes.How will this change the equilibrium price and quantity of coffee, assuming all...

Discuss the minimum wage. Specify the benefits and costs of the minimum wage to the economy....

Discuss the minimum wage. Specify the benefits and costs of the minimum wage to the economy. Under what circumstances will most economists support minimum wage laws? Justify your answer.

Explain the characteristics of an "effective" minimum wage. What is the argument for the minimum wage?...

Explain the characteristics of an "effective" minimum wage. What is the argument for the minimum wage? What is the argument against the minimum wage?

A. Minimum Wage The non-economist’s view of the minimum wage seems to be that it forces...

A. Minimum Wage The non-economist’s view of the minimum wage seems to be that it forces greedy employers pay poor workers more money, making all workers better off. The “conventional” economic view of an increase in the minimum wage is that, as with most public policies, there are winners (those unskilled workers who keep their jobs and earn more) and losers (those workers who lose their jobs). What is the “unconventional” view and how does it alter that calculus of...

Subjects