Monthly incomes of college graduates

Reference no: EM13112026

According to state government, the monthly incomes of college graduates have a standard deviation of $650. A county official believes that the standard deviation of monthly incomes is higher in her county.

A sample of 71 college graduates are randomly selected and found to have a standard deviation of $700.

a) Assuming the distribution of incomes of college graduates is normally distributed, test the claim using the p-value approach with alpha=0.05.

b) Interpret the meaning of the p-value within the context of the question.

Please help I'm lost doing this question!

Reference no: EM13112026

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