Which describes a type of tax that people pay on the money they earn?
2 answers:
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Answer:
The degrees of freedom are given by:
Since is a two-sided test the p value would be:
Since the p value is a very low value we have enough evidence to conclude that true mean is significantly different from 1.35 in/year at any significance level commonly used for example ().
Step-by-step explanation:
Data given and notation
represent the sample mean
represent the sample deviation
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
t would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
State the null and alternative hypotheses.
We need to conduct a hypothesis in order to check if the true mean is different from 1.35 in/year, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
The statistic is given by:
(1)
Calculate the statistic
We can replace in formula (1) the info given like this:
P-value
The degrees of freedom are given by:
Since is a two-sided test the p value would be:
Since the p value is a very low value we have enough evidence to conclude that true mean is significantly different from 1.35 in/year at any significance level commonly used for example ().