Are Americas top chief executive officers (CEOs) really worth all that money? One way to answer this

Question:

Are America€™s top chief executive officers (CEOs) really worth all that money? One way to answer this question is to look at row B, the annual company percentage increase in revenue, versus row A, the CEO€™s annual percentage salary increase in that same company. A random sample of companies such as Deere & Co., General Electric, Union Carbide, and Dow Chemical yielded the following data:

Do these data indicate that the population mean percentage increase in corporate revenue (row B) is different from the population mean percentage increase in CEO salary? Use a 5% level of significance.
Please provide the following information.
(a) What is the level of significance? State the null and alternate hypotheses. Will you use a left-tailed, right-tailed, or two-tailed test?
(b) What sampling distribution will you use? What assumptions are you making? Compute the value of the sample test statistic.
(c) Find (or estimate) the P-value. Sketch the sampling distribution and show the area corresponding to the P-value.
(d) Based on your answers in parts (a)€“(c), will you reject or fail to reject the null hypothesis? Are the data statistically significant at level Î±?
(e) Interpret your conclusion in the context of the application.
Assume that the distribution of differences is approximately normal.

Distribution
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