the following questions in the space provided in your own words. 1. A Bureau of Labor...
the following questions in the space provided in your own words. 1. A Bureau of Labor Statistics (BLS) economist conducts a statistical study to test his hunch that in households with a minimum-wage worker, mean household debt changes following a hike in the minimum wage. Suppose the mean household debt stays the same following a minimum-wage hike. However, when the economist collects a random sample, the sample mean difference is actually greater than zero. a. Does this mean the economist made a mistake in his research? Explain why/why not. b. Suppose the economist collects a random sample and decides to conduct a hypothesis test. Formulate the null and alternative hypothesis:
Homework Answers
a)
This does not mean that the economist made a mistake in his research because when a sample is drawn and mean difference is calculated, it will not be exactly equal to the population mean difference (here, 0). The estimate(sample statistic) will be more or less than the actual value(population parameter). We need to be surprised if it exactly equals the actual value which is a rare case.
b)
Null hypothesis: The mean household debt does not change following a hike in the minimum wage.
The population mean difference is not significantly different
from 0. 
=0.
Alternative hypothesis: The mean household debt changes following a hike in the minimum wage.
The population mean difference is significantly different from
0. 
0.
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