Question
The average starting salary of economics majors has historically been $58,900. Because of increasing demand for data analysts, it is believed there has been a
The average starting salary of economics majors has historically been $58,900. Because of increasing demand for data analysts, it is believed there has been a significant increase in the average starting salary of economics majors. To test whether or not there has been an increase, you collect data from 100 randomly-selected economics majors that recently graduated college and find their average starting salary to be $59,755. Suppose you know the population standard deviation is $5,000. In conducting the appropriate hypothesis test, you find the following information:
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