5. Suppose that the population average of (monthly) wage of young employees in Tasmania in the previous year before this survey was conducted was $900. f. Conduct a hypothesis test that the population average wage of young employees in Tasmania during the year of survey remains the same as in the previous year. [7 marks] g. Construct a 95% confidence estimate for the population average wage, and comment whether the population average wage in the year of survey remains the same as in the previous year. [5marks] [Total Marks 12 7 6. You want to use the collected data to study what is the most important factor that affects young employees wage in Tasmania. Use simple regression analysis to answer the following questions. (For each regression you run, show the Excel regression output and report the regression equation. Partial marks from the following questions assign to your regression results.). a. Do the years of education have significant impact on the wages? (You need to explain the choice of the null and the alternative hypotheses.) [5 marks] b. Do the IQ scores have significant impact on the wages? (You need to explain the choice of the null and the alternative hypotheses.) [5 marks] c. Which of the two variables is a better predictor for the wage, years of education or IQ scores? Explain why. [3 marks] d. Do the years of work experience have significant impact on the wages? (You need to explain the choice of the null and the alternative hypotheses. [3 marks] e. Do the KW scores have significant impact on the wages? (You need to explain the choice of the null and the alternative hypotheses.) [3 marks] f. Which of the two variables is a better predictor for the wages, years of work experience or KW scores? Explain why. [3 marks] g. Newspapers often criticize a weak link between wage and education comparing with the link between wage and work experience. Discuss if the criticism is consistent with our data.