7. The Wall Street Journat reportod that bachelor\'s degree recipients with majo

Question

7. The Wall Street Journat reportod that bachelor's degree recipients with majors in business received avera starting salarics of $51,508 in 2015 (The Wali Street Journal, March 17, 2014). The results for a sample of 10 business majors receiving a bachelor's degree in 2016 showed a mean starting salary of $52,236. Assume population is normally distributed with a standard deviation of $5200. (a) Formulate hypotheses for a test to determine whether the mean starting salary for business majors in 20 is greater than the mean starting salary in 2015 A. 110 : 52,236 vs. H0' > 52.236 C. Ho : 51,508 vs. Ha : > 51,508 E. None of the above. The correet answer is: B. Ho : D. Ho : 52, 236 vs. Ha :

Explanation / Answer

a) option C is correct

b) std error of mean =std deviaiton/(n)1/2 =5200/(100)1/2 =520

test statistic z= (X-mean)/std error =(52236-51508)/520 =1.40

option A is correct

c)

p value =0.0808

d)

option B is correct

e)

option b is correct

f) here for 90% CI ; z=1.645

margin of error E =500

hence sample size=(z*Std deviation /E) 2 =293

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