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The Wall Street Journal reported that bachelor’s degree recipients with majors in business received average starting salaries of $53,900 in 2012 ( The Wall Street Journal , March 17, 2014). The results for a sample of 100 business majors receiving a bachelor’s degree in 2013 showed a mean starting salary of $55,144 with a sample standard deviation of $5200. Conduct a hypothesis test to determine whether the mean starting salary for business majors in 2013 is greater than the mean starting salary in 2012. Use α = .01 as the level of significance.

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STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884

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BuyFindarrow_forward

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884
Chapter 9, Problem 63SE
Textbook Problem
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The Wall Street Journal reported that bachelor’s degree recipients with majors in business received average starting salaries of $53,900 in 2012 (The Wall Street Journal, March 17, 2014). The results for a sample of 100 business majors receiving a bachelor’s degree in 2013 showed a mean starting salary of $55,144 with a sample standard deviation of $5200. Conduct a hypothesis test to determine whether the mean starting salary for business majors in 2013 is greater than the mean starting salary in 2012. Use α = .01 as the level of significance.

To determine

Test whether the mean starting salary for business majors in 2013 is greater than the mean starting salary in 2012.

Explanation of Solution

Calculation:

The given information is that n=100, x¯=$55,144, and s=$5,200.

Here, the claim is that the mean starting salary for business majors in 2013 is greater than the mean starting salary in 2012. This can be written as μ>53,900. The complement of the claim is, μ53,900. In the given experiment, the alternative hypothesis indicates the claim.

The null and alternative hypotheses are given below:

Null hypothesis:

H0:μ53,900

Alternative hypothesis:

Ha:μ>53,900 (claim)

Test statistic and p-value:

Software Procedure:

Step-by-step procedure to obtain the test statistic using the MINITAB software:

  • Choose Stat > Basic Statistics > 1-Sample t.
  • In Summarized data, enter the sample size as 100 and mean as 55,144

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Chapter 9 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT
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