Course Project Part B a. the average (mean) annual income was less than $50,000 Null and Alternative Hypothesis H0: mu= 50 (in thousands) Ha: mu<50 (in thousands) Level of Significance Level of Significance = .05 Test Statistic, Critical Value, and Decision Rule Since alpha = .05, z<-1.645, which is lower tailed Rejection region is, z<-1.645 Calculate test statistic, x-bar=43.74 and s=14.64 Z=(43.74-50)/2.070=-3.024 2.070 is calculated by: s/sq-root of…
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