In the Past, the Average Age of Employees of a Large

question 102

Essay

In the past, the average age of employees of a large corporation has been 40 years. Recently, the company has been hiring older individuals. In order to determine whether there has been an increase in the average age of all the employees, a sample of 64 employees was selected. The average age in the sample was 45 years with a standard deviation of 16 years. Let $\alpha$ = .05.
a.State the null and the alternative hypotheses.
b.Compute the test statistic.
c.Using the p-value approach, test to determine whether or not the mean age of all employees is significantly more than 40 years.

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Definitions:

Agent's Incentives

The rewards, financial or otherwise, that motivate an agent, such as an employee or representative, to act in the principal's (such as an employer or company) best interests.

Buying Securities

The act of purchasing financial instruments such as stocks, bonds, and mutual funds with the intention of generating returns.

Offer

A proposal by one party to enter into a contract with another party, specifying the terms by which they are willing to engage in a transaction.

Price Based

A strategy or decision-making process that prioritizes pricing as the main factor, often used in marketing and sales strategies.