Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A university wants to know if the average salary of its graduates has increased since 2015. The average salary of graduates prior to 2015 was
A university wants to know if the average salary of its graduates has increased since 2015. The average salary of graduates prior to 2015 was $48,000. Since 2015, the university surveyed 256 graduates and found an average salary of $48,750. Assume that the standard deviation of all graduates' salaries is $7,000. a. Specify the null and alternative hypotheses to determine whether the average salary of graduates has increased. . Calculate the value of the test statistic and the p-value at a 5% significance level. At the 5% significance level, can you conclude that salaries, on average, have increased? Explain
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started