Question
In: Math
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 |
(a)
Formulate hypotheses so that, if the null hypothesis is rejected, we can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. Use α = 0.05. (Let μ1 = the population mean salary for Finance majors, and let μ2 = the population mean salary for Business Analytics majors. Enter != for ≠ as needed.)
H0:
Ha:
(b)
What is the value of the test statistic? (Use
μ1 − μ2.
Round your answer to three decimal places.)
What is the p-value? (Round your answer to four decimal places.)
p-value =
(d)
What is your conclusion?
Reject H0. We can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors.
Reject H0. We cannot conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors.
Do not reject H0. We cannot conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors.
Do not reject H0. We can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors.
Solutions
Expert Solution
Conclusion : Reject
H0. We can conclude that salaries for Finance
majors are significantly lower than the salaries of Business
Analytics majors.
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