Statistics

Answer 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 minimumwage worker, mean household debt changes following a hike in the minimum wage. Suppose the mean household debt stays the same following a minimumwage 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 whyfwhy not. b. (impose the economist collects a random sample and decides to conduct a hypothesis test. Formulate the null and alternative hypothesis: c. For each statement in the following table, place in X in the correct box to indicate whether the statement is the null hypothesis, the alternative hypothesis, or neither (Hint: this is a nondirectional hypothesis test] In households with a minimumwage worker, mean household debt changes following a hike in the minimum wage In households with a minimumwage worker, mean household debt stays the same following a hike in the minimum wage In households with a minimumwage worker, mean household debt increases following a hike in the minimum wage In households with a minimumwage worker, mean household debt decreases following a hike in the minimum wage Null Hypothesis Alternate Hypothesis Neither