Suppose the mean salary for assistant finance professors in the United States is believed to be...

Suppose the mean salary for assistant finance professors in the United States is believed to be $131,600. A sample of 25 professors revealed a mean salary of $142,400 . Assuming the standard deviation is $10,000, can it be concluded that the average salary has increased using a 0.02 level of significance?

a. Write down the type of test you will conduct.

b. Write down the null and alternative hypotheses.

c. Construct the test statistic.

d. Conduct the test.

e. What do you conclude?

Expert Solution

orchestra answered 2 years ago

The mean salary of professors in the US is $52,000.

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