A trading magazine wants to determine the number of hours stockbrokers work each week. In particular, the trading magazine wants to determine if the median number of hours worked per week differs from 100 hours. The magazine samples 18 traders. For the Wilcoxon signed-rank test, the value of the test statistic is T = T⁺ = 153. The p-value for the test is ________. A) 0.0016 B) 0.0032 C) 0.9984 D) 0

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Quizplus · Accepted Answer

Since the sample size is less than 20 and the null hypothesis is that the median is equal to 100, the Wilcoxon signed-rank test is appropriate. The test statistic T = 153 and we need to look up the p-value from a table or use software. For a two-tailed test with n=18, the p-value is approximately 0.0032. Therefore, we can reject the null hypothesis at the 5% significance level and conclude that the median number of hours worked per week is different from 100 hours.

A Trading Magazine Wants to Determine the Number of Hours