Question: Business and Management Researchers studying the European Union have suggested that small variability in minimum wage among countries leads to more economic stability and growth. A random sample of European countries was obtained and the minimum wage (in euros) was recorded for each.
a. Is there any evidence to suggest that the standard deviation in minimum wage is greater than 400 euros? Assume normality and use a = 0.05.
b. Find bounds on the p value associated with this hypothesis test.