A random sample of stipends of teaching assistants in economics is listed. Is there sufficient evidence at the = 0.05 level to conclude that the average stipend differs from $15,500? The stipends listed (in dollars) are for the academic year. Assume that the population is approximately normally distributed.

17,604 14,000 14,356

16,338 12,000 12,283

11,981 18,000 13,185

(a) State the hypotheses and identify theclaim.

H₀ : ___ $___

H₁ : ___ $___

(b) Find the critical values.

(c) Compute the test value.

(d) Make thedecision.

(e) Summarize theresults.