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According to a report released by CIBC entitled “Women Entrepreneurs: Leading the Charge,” the average age for Canadian businesswomen in 2008 was 41. In the report, there was some indication that researchers believed that this mean age will increase. Suppose now, a couple of years later, business researchers in Canada want to test to determine if, indeed, the mean age of a Canadian businesswoman has increased. The researchers randomly sample 97 Canadian businesswomen and ascertain that the sample mean age is 43.4. From past experience, it is known that the population standard deviation is 8.95. Test to determine if the mean age of a Canadian businesswoman has increased using a 1% level of significance.What is the p-value for this test? What is the decision? If the null hypothesis is rejected, is the result substantive?

6th Edition

Authors: Ken Black

ISBN: 978-0470910184