Question
In: Statistics and Probability
Suppose Michigan State University's Collegiate Employment Institute found that starting salaries for recipients of bachelor's degrees...
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 $51,285 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
as the level of significance.
State the null and alternative hypotheses. (Enter != for ≠ as needed.)
H0:
Ha:
Find the value of the test statistic. (Round your answer to three decimal places.)
Find the p-value. (Round your answer to four decimal places.)
p-value =
State your conclusion.
Reject H0. There is sufficient evidence to conclude that the mean starting salary for business majors has increased in 2018.Do not reject H0. There is insufficient evidence to conclude that the mean starting salary for business majors has increased in 2018. Do not reject H0. There is sufficient evidence to conclude that the mean starting salary for business majors has increased in 2018.Reject H0. There is insufficient evidence to conclude that the mean starting salary for business majors has increased in 2018.
Solutions
orchestra answered 1 year agoRelated Solutions
Suppose a certain state university's college of business obtained the following results on the salaries of...
Suppose a certain state university's college of business
obtained the following results on the salaries of a recent
graduating class:
Finance Majors
Business Analytics Majors
n1 = 140
n2 = 30
x1 = $48,437
x2 = $55,217
s1 = $19,000
s2 = $10,000
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