Question

Access the hourly wage data on the below Excel Data File (Hourly Wage). An economist wants to test if the average hourly wage is less than $28. Assume that the population standard deviation is $8.

b-1. Find the value of the test statistic. (Negative value should be indicated by a minus sign. Round intermediate calculations to at least 4 decimal places and final answer to 2 decimal places.)

Hourly Wage	Education	Experience	Age	Gender
39.00	11	2	40	1
21.02	4	1	39	0
42.36	4	2	38	0
20.17	5	9	53	1
22.57	6	15	59	1
43.43	6	12	36	1
17.87	9	5	45	0
24.62	4	12	37	0
28.36	5	14	37	1
10.25	11	3	43	1
27.14	8	5	32	0
10.35	9	18	40	1
27.09	7	1	49	1
21.34	4	10	43	0
19.71	1	9	31	0
32.41	9	22	45	0
22.80	11	3	31	1
26.07	4	14	55	0
42.14	6	5	30	1
21.42	9	3	28	0
21.52	6	15	60	1
34.00	4	13	32	0
38.85	4	9	58	1
29.06	5	4	28	0
12.60	6	5	40	1
27.64	6	2	37	0
32.28	4	18	52	1
33.46	6	4	44	0
18.05	6	4	57	0
28.56	9	3	30	1
13.41	5	8	43	0
43.54	7	6	31	1
33.23	4	3	33	0
27.34	6	23	51	1
18.41	4	15	37	0
31.82	4	9	45	0
31.30	6	3	55	0

Answer 1