Question

The Wall Street Journal reported that recipients of a bachelor degree with major in business receive average starting salaries of $55,000 in 2017, with a standard deviation of $8,000. A sample of 100 salaries from business majors collected in 2018 shows a mean starting salary of $ $54,000. You are hired as a statistician to investigate whether there are salary differences for business majors in 2018 with respect to 2017. Allow for 1% error on a two tail test.

The critical value for this problem is ?

1.65, -2.33, -1.96 or 2.58

You calculated a standard error equal to : 800, 200, 400 Or 100 ?

The test statistic you calculated is: -1.25, -1, -2.5 Or -2

What is your decision after the test? (Accept or Reject)

The p-value is equal to : 0.1587, 0.0228, 0.1056 OR 0.0062

What is your conclusion after the test? Be specific and relate to the problem.

Answer #1

The Wall Street Journal reported that bachelor’s
degree recipients with majors in business average starting salaries
of $53,900 in 2012 (The Wall Street Journal, March 17,
2014). The results for a sample of 100 business majors receiving a
bachelor’s degree in 2013 showed a mean starting salary of $55,144
with a sample standard deviation of $5,200. Conduct a hypothesis
test to determine whether the mean starting salary for business
majors in 2013 is greater than the mean starting salary in...

Suppose Michigan State University's Collegiate Employment
Institute found that starting salaries for recipients of bachelor's
degrees in business was $50,032 in 2017. The results for a sample
of 100 business majors receiving a bachelor's degree in 2018 showed
a mean starting salary of $51,288 with a sample standard deviation
of $5,200. Conduct a hypothesis test to determine whether the mean
starting salary for business majors in 2018 is greater than the
mean starting salary in 2017. Use
α = 0.01...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 21 minutes ago

asked 29 minutes ago

asked 2 hours ago

asked 3 hours ago

asked 3 hours ago

asked 3 hours ago

asked 3 hours ago

asked 3 hours ago

asked 4 hours ago

asked 4 hours ago

asked 4 hours ago

asked 4 hours ago