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3. The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100 graduates of 2010 showed

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3. The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100 graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8,000. We want to determine whether or not there has been a significant increase in the starting salaries. The hypothesis to be tested are: Ho: H S 48,400 Ha : H > 48,400 Use a = 0.05 a. Compute the test statistics b. Compute the p-value. What to you conclude? c. Compute the critical value, draw the bell-shape curve and indicate the critical value on curve

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