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The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000. We want to determine whether or not there has been a significant increase in the starting salaries. Step 1. Statement of the hypothesis Step 2. Standardised test statistic formula Step 3. State the level of significance Step 4. Decision Rule (Draw a bell to show rejection zone) Step 5. Calculation of the statistic Step 6. Conclusion

The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000. We want to determine whether or not there has been a significant increase in the starting salaries. Step 1. Statement of the hypothesis Step 2. Standardised test statistic formula Step 3. State the level of significance Step 4. Decision Rule (Draw a bell to show rejection zone) Step 5. Calculation of the statistic Step 6. Conclusion

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 1GP
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The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000. We want to determine whether or not there has been a significant increase in the starting salaries. Step 1. Statement of the hypothesis Step 2. Standardised test statistic formula Step 3. State the level of significance Step 4. Decision Rule (Draw a bell to show rejection zone) Step 5. Calculation of the statistic Step 6. Conclusion
Transcribed Image Text:The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000. We want to determine whether or not there has been a significant increase in the starting salaries. Step 1. Statement of the hypothesis Step 2. Standardised test statistic formula Step 3. State the level of significance Step 4. Decision Rule (Draw a bell to show rejection zone) Step 5. Calculation of the statistic Step 6. Conclusion
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