The average salary for American college graduates is $45,900. You suspect that the average is more for graduates from your college. The 46 randomly selected graduates from your college had an average salary of $47,317 and a standard deviation of $7,160. What can be concluded at the α = 0.05 level of significance?Thus, the final conclusion is that ...The data suggest that the population mean is not significantly greater than 45,900 at αα = 0.05, so there is statistically insignificant evidence to conclude that the population mean salary for graduates from your college is greater than 45,900.The data suggest that the populaton mean is significantly greater than 45,900 at αα = 0.05, so there is statistically significant evidence to conclude that the population mean salary for graduates from your college is greater than 45,900.The data suggest that the sample mean is not significantly greater than 45,900 at αα = 0.05, so there is statistically insignificant evidence to conclude that the sample mean salary for graduates from your college is greater than 47,317.Interpret the p-value in the context of the study.There is a 9.31685111% chance of a Type I error.There is a 9.31685111% chance that the population mean salary for graduates from your college is greater than $45,900 .If the population mean salary for graduates from your college is $45,900 and if another 46 graduates from your college are surveyed then there would be a 9.31685111% chance that the sample mean for these 46 graduates from your college surveyed would be greater than $47,317.If the population mean salary for graduates from your college is $45,900 and if another 46 graduates from your college are surveyed then there would be a 9.31685111% chance that the population mean salary for graduates from your college would be greater than $45,900.Interpret the level of significance in the context of the study.If the population population mean salary for graduates from your college is greater than $45,900 and if another 46 graduates from your college are surveyed then there would be a 5% chance that we would end up falsely concluding that the population mean salary for graduates from your college is equal to $45,900.If the population mean salary for graduates from your college is $45,900 and if another 46 graduates from your college are surveyed then there would be a 5% chance that we would end up falsely concluding that the population mean salary for graduates from your college is greater than $45,900.There is a 5% chance that your won't graduate, so what's the point?There is a 5% chance that the population mean salary for graduates from your college is greater than $45,900.

The test statistic is obtained by the formula is z=x¯-μ0σn z=47317-45900716046=1.342 The critical…

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MATLAB: An Introduction with Applications

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ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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The average salary for American college graduates is $45,900. You suspect that the average is more for graduates from your college. The 46 randomly selected graduates from your college had an average salary of $47,317 and a standard deviation of $7,160. What can be concluded at the α = 0.05 level of significance?

Thus, the final conclusion is that ...
- The data suggest that the population mean is not significantly greater than 45,900 at αα = 0.05, so there is statistically insignificant evidence to conclude that the population mean salary for graduates from your college is greater than 45,900.
- The data suggest that the populaton mean is significantly greater than 45,900 at αα = 0.05, so there is statistically significant evidence to conclude that the population mean salary for graduates from your college is greater than 45,900.
- The data suggest that the sample mean is not significantly greater than 45,900 at αα = 0.05, so there is statistically insignificant evidence to conclude that the sample mean salary for graduates from your college is greater than 47,317.
Interpret the p-value in the context of the study.
- There is a 9.31685111% chance of a Type I error.
- There is a 9.31685111% chance that the population mean salary for graduates from your college is greater than $45,900 .
- If the population mean salary for graduates from your college is $45,900 and if another 46 graduates from your college are surveyed then there would be a 9.31685111% chance that the sample mean for these 46 graduates from your college surveyed would be greater than $47,317.
- If the population mean salary for graduates from your college is $45,900 and if another 46 graduates from your college are surveyed then there would be a 9.31685111% chance that the population mean salary for graduates from your college would be greater than $45,900.
Interpret the level of significance in the context of the study.
- If the population population mean salary for graduates from your college is greater than $45,900 and if another 46 graduates from your college are surveyed then there would be a 5% chance that we would end up falsely concluding that the population mean salary for graduates from your college is equal to $45,900.
- If the population mean salary for graduates from your college is $45,900 and if another 46 graduates from your college are surveyed then there would be a 5% chance that we would end up falsely concluding that the population mean salary for graduates from your college is greater than $45,900.
- There is a 5% chance that your won't graduate, so what's the point?
- There is a 5% chance that the population mean salary for graduates from your college is greater than $45,900.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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Step 1

The test statistic is obtained by the formula is $z = \frac{\bar{x} - μ_{0}}{\frac{σ}{\sqrt{n}}}$

$\begin{array}{rcl} z & = & \frac{47317 - 45900}{\frac{7160}{\sqrt{46}}} \\ = & 1.342 \end{array}$

The critical value is 1.645

Therefore The data suggest that the sample mean is not significantly greater than 45,900 at αα = 0.05, so there is statistically insignificant evidence to conclude that the sample mean salary for graduates from your college is greater than 47,317.

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