Across the hospitality sector, it is found that the average wage paid for casual staff on...

Across the hospitality sector, it is found that the average wage paid for casual staff on weekends is $21.50 per hour with a standard deviation of $1.50 per hour. If casual staff hourly wages are assumed normally distributed, what is the value of the hourly wage if only 5% of all casual workers earn more than this wage?

Expert Solution

Solution:- The value of the hourly wage if only 5% of all casual workers earn more than this wage is $23.97.

Mean = 21.50, S.D = 1.50

p-value for the top 5% = 1 - 0.05 = 0.95

z-score for the p-value = 1.645

By applying normal distribution:-

x - 21.50 = 2.4675

x = 2.4675 + 21.50

x = 23.9675

orchestra answered 2 years ago

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Across the hospitality sector, it is found that the average wage paid for casual staff on...

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