Folder on Blackboard contains information on the hourly wages inpounds of a sample of young Scottish workers aged 20-24.Use thesedata to answer the following nine questions.

For numerical questions provide your answer to four decimalplaces.

1. Calculate the mean wage in the sample in pounds.

2. Calculate the sample standard deviation of the wage inpounds.

(Assuming that I have the right answers for the above twoquestions which I have from an excel sheet, how do I proceed afterI calculated the above two questions answers, like what formulas doI use)

Questions 3-6 use the following information. It is claimed thatthe “Living Wage” for workers at the time this sample was taken was£7.80. You are asked to test whether the average wage of youngworkers aged 20-24 is less than the Living Wage.

3. What are the null and alternative hypotheses?

4. What is the value of the test statistic for conducting thistest?

5. To do a test at the 2% level of significance what criticalvalue would you use?

6. What would be the conclusion of your test?

7. Calculate the proportion of workers in the sample earningbelow the Living Wage.

8. Calculate the standard error of this sample proportion ofworkers.

Question 9 requires the following information. A Scottishgovernment minister claims that the proportion of young Scottishworkers earning below the Living Wage is 60%. You are asked to testif the sample proportion of young workers aged 20-24 is below thisfigure.

9. What is the value of the test statistic for conducting thistest?