The average starting salary of students who graduated from colleges of Business in 2009 was $48,800. A sample of 100 graduates of 2010 showed an average starting salary of $50,000. Assume the standard...


The average starting salary of students who graduated from colleges of Business in 2009 was $48,800. A sample of 100 graduates of2010 showed an average starting salary of $50,000. Assume the standard deviation of thepopulation is known to be $7000. We want to determine whether or not there has been a significantincrease in the starting salaries.




























a.


State the null and alternative hypotheses to be tested.
b.Compute the test statistic.
c.The null hypothesis is to be tested at the 5% level of significance. Determine the critical value for this test.
d.What do you conclude from the test?
e.What does the test result mean in the context of this problem?


Jun 10, 2022
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