Test 1 Quiz 2 G The Mean Rent Price For Condo × × 1 es/1281459/quizzes/1732630/t

Question

Test 1 Quiz 2 G The Mean Rent Price For Condo × × 1 es/1281459/quizzes/1732630/take UCF is a major Metropolitan University located in Orlando Florida. UCF is advertising their bachelor in Economics with the statistic that the starting salary of a graduate with a bachelor in economics is $ 48,500 according to Payscale.com (2013-13) The Director of Institutional Research at UCF is interested in testing this information. She decides to conduct a survey of 30 randomly selected recent graduate economic students The sample mean is $45,000 and the sample standard deviation is 15,000 The following is the printout from Excel Hypothesis Test about a Population Mean: Sigma Unknown Case Sample Size 30 Sample Mean 45000 Standard Deviation Sample 15000 Hypothesized Test Value 48500 Standard Error ? Test Statistict ? Degrees of Freedom 29 Alpha 0.05 Critical Value (two tail)+ or-2.045 P-value (Lower Tail) Na P-value (Upper Tail) Na

Explanation / Answer

std error =sample standard deviation/sqrt(n)=15000/sqrt(30)=2738.613

test statistic t=(Xbar-mean)/std error =(45000-48500)/2738.613=-1.27802

for above test statsitic p value (two tailed)=0.2114

( please revet for any clarification or help in further part required for above)

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