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  3. access the hourly wage data on the below excel data...

Question: access the hourly wage data on the below excel data...

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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 $27. Assume that the population standard deviation is $5. & Click here for the Excel Data File e. Select the null and the alternative hypotheses for the test. b-1. Find the value of the test statistic. (Negte value should be Indlcated by a minus sign. Round Intermedlate calculetions to at least 4 declmal places and final answer to 2 declmal places. Test statistic b-2. Find the p-value pvalue 2010 0.05 s p-value <0.10 0.025 s p-value<0.05 0.01 s p-value <0.025 0 pvalue < 0.01 c. At a 0.01, what is the conclusion? OReject Ho. the hourly wage is less than 27 Reject Ho. the hourly wage is not less than 27. Do not reject Ho the hourly wage is not less than 27 Do not reject Ho. the hourly wage is less than 27

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