You run a significance test to determine if the average salary of Americans is $35,000. You end up r Cesar Mcguire 2022-05-07 Answered You run a significance test to determine if the average salary of Americans is$35,000. You end up rejecting the null hypothesis. You then find that the actual average salary is somewhere between $25000 and$2700o. This is significantly lower than expected!
Which of the following best describe the analysis above?
- Both statistically significant and practically significant.
- Statistically significant, but not practically significant.
- Practically significant, but not statistically significant.
- Neither statistically significant nor practically significant.
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Let average salary be μ
${H}_{0}:\mu =35000$
and
${H}_{1}:\mu \ne 35000$
The null hypothesis is rejected.
Therefore, it can be concluded that The average salary is not $35000. Therefore, it is statistically significant. Again the actual average salary is between$25000 and \$27000. Since the actual average salary is much less than what was considered and the difference has an effect in real life so it is practically significant.
Thus the analysis is both statistically and practically significant.
Therefore, first option is correct.