Assume that the hourly wages in the pharmaceutical sector in Australia are normally distributed with a mean of $50 and a standard deviation of $6.

One of the large pharmaceutical firms has gathered a random sample of 50 of its workers and determined that their average hourly wage was $48.

You are required to assess whether we can conclude at the 90% level of confidence that the average hourly wage is less than the entire industry by answering the questions given below.

1. Develop hypothesis (2 marks)
2. Identify the standardised test statistics (2 marks)
3. Level of significance (1 mark)
4. Decision Rule (2 marks)
5. Calculation of test statistic (2 marks)
6. Decision and Conclusion: (2 marks)