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The mean hourly wage for employees in goods-producing industries is currently $24.57 (Bureau of Labor Statistics...

The mean hourly wage for employees in goods-producing industries is currently $24.57 (Bureau of Labor Statistics website, April, 12, 2012). Suppose we take a sample of employees from the manufacturing industry to see if the mean hourly wage differs from the reported mean of $24.57 for the goods-producing industries.

Suppose a sample of 30 employees from the manufacturing industry showed a sample mean of $23.89 per hour. Assume a population standard deviation of $2.40 per hour and compute the p-value. (Round to three decimal places).

With α=0.05 as the level of significance, what is your conclusion?

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