I’m working on a developmental economics exercise and need a sample draft to help me study. Homework II 1. In the Harrod-Domar model, if the savings rate is 20% and….

## When performing the 8 steps for hypothesis testing, which method do you prefer; P-Value method or Critical Value method? Why?

**Question description**

This week you will begin working on Phase 3 of your course project. Using the same data set and variables for your selected topic, add the following information to your analysis:

- Discuss the process for hypothesis testing.
- Discuss the 8 steps of hypothesis testing?
- When performing the 8 steps for hypothesis testing, which method do you prefer; P-Value method or Critical Value method? Why?

- Perform the hypothesis test.
**If you selected Option 1**:: The average salary for all jobs in Minnesota is less than $65,000.*Original Claim*- Test the claim using α = 0.05 and assume your data is normally distributed and σ is unknown.
- Based on your selected topic, answer the following:
- Write the null and alternative hypothesis symbolically and identify which hypothesis is the claim.
- Is the test two-tailed, left-tailed, or right-tailed? Explain.
- Which test statistic will you use for your hypothesis test; z-test or t-test? Explain.
- What is the value of the test-statistic? What is the P-value?
- What is the critical value?
- What is your decision; reject the null or do not reject the null?
- Explain why you made your decision including the results for your p-value and the critical value.

- State the final conclusion in non-technical terms.