A denver report shows 1st year teachers average income is $30,000. A teacher's union sample of 25 teachers showed an average salary of $27,000 with a sample standard deviation of $10,000. Compare the Denver report and the teachers union sample and answer the following questions using a 0.01 significance level.
a. What is the decision rule? or what is the value that we would reject H0?
b. What is the calculated test statistic?
c. What is your conclusion? Does the teachers union information disagree with the Denver report?
d. What is the p-value?