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In: Statistics and Probability

3) The Wall Street Journal reported that recipients of a bachelor degree with major in business...

3) 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 $4,000. 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 5% error on a two tail test.

3.A) The critical value for this problem is?

3.B) The calculated a standard error is equal to?

3.C) The test statistic calculated is?

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

3.E) What is the p-value equal to?

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

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Expert Solution


orchestra answered 1 year ago
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