Assume we take a sample of employees from the manufacturing industry to see if the mean hourly wage differs from the reported mean of $24.57 for goods-producing industries. The mean hourly wage for employees in goods-forming the industries is currently $24.57.
1. State the null and alternative hypotheses we should use to test whether the population mean hourly wage in the manufacturing industry differs from the population mean hourly wage in the goods-forming industries.
2. Assume a sample of 30 employees from the manufacturing industry showed a sample mean of $23.89 per hour. Suppose a population standard deviation of $2.40 per hour and compute the p value.