In the last few years, a number of web-based companies that offer job-placement services have been created. The manager of one such company wanted to investigate the job offers recent MBAs were obtaining. In particular, the manager wanted to know whether finance majors were being offered higher salaries than marketing majors. Suppose that we examine the transcripts of finance MBA majors and marketing MBA majors as follow. We randomly select a finance MBA major and a marketing MBA major whose grade point average (GPA) falls within a same range (based on a maximum of 4). Then the highest salary offer for each selected MBA major was recorded. This process was continued until there are enough records to cover the GPA from 2.0 to 4.0 (The minimum GPA required for graduation is 2.0). The following data represent the highest salary offers for randomly selected Finance MBA majors and Marketing MBA majors with about the same GPA. Finance Marketing 78000 75000 85000 79000 75000 79000 78000 76000 74000 79000 79000 76000 86000 80000 84000 71000 76000 85000 88000 88000 79000 80000 74000 83000 73000 77000 86000 77000 86000 82000 73000 79000 80000 83000 80000 73000 83000 80000 79000 73000 83000 75000 84000 73000 82000 76000 c. Use Excel to perform a paired t test to test the claim that on average, finance majors obtain higher salary offers than do marketing majors among MBAs for all such MBA majors. Let's define Difference= Finance - Marketing. The average difference between two samples is (rounded to 4 decimal places) $_____________. The test statistic in this test is (rounded to 4 decimal places)_______________ The p-value for this test is (rounded to 4 decimal places) ______________ At 0.03 significance level, the correct conclusion for this test is _x___There is enough evidence that on average, finance majors obtain higher salary offers than do marketing majors among MBAs for all such MBA majors. ____There is NO enough evidence that on average, finance majors obtain higher salary offers than do marketing majors among MBAs for all such MBA majors. ___None of these.
In the last few years, a number of web-based companies that offer job-placement services have been created.
The manager of one such company wanted to investigate the job offers recent MBAs were obtaining. In particular, the manager wanted to know whether finance majors were being offered higher salaries than marketing majors.
Suppose that we examine the transcripts of finance MBA majors and marketing MBA majors as follow.
We randomly select a finance MBA major and a marketing MBA major whose grade point average (GPA) falls within a same
Then the highest salary offer for each selected MBA major was recorded.
This process was continued until there are enough records to cover the GPA from 2.0 to 4.0 (The minimum GPA required for graduation is 2.0).
The following data represent the highest salary offers for randomly selected Finance MBA majors and Marketing MBA majors with about the same GPA.
| Finance | Marketing |
|---|---|
| 78000 | 75000 |
| 85000 | 79000 |
| 75000 | 79000 |
| 78000 | 76000 |
| 74000 | 79000 |
| 79000 | 76000 |
| 86000 | 80000 |
| 84000 | 71000 |
| 76000 | 85000 |
| 88000 | 88000 |
| 79000 | 80000 |
| 74000 | 83000 |
| 73000 | 77000 |
| 86000 | 77000 |
| 86000 | 82000 |
| 73000 | 79000 |
| 80000 | 83000 |
| 80000 | 73000 |
| 83000 | 80000 |
| 79000 | 73000 |
| 83000 | 75000 |
| 84000 | 73000 |
| 82000 | 76000 |
c. Use Excel to perform a paired t test to test the claim that on average, finance majors obtain higher salary offers than do marketing majors among MBAs for all such MBA majors.
Let's define Difference= Finance - Marketing.
The average difference between two samples is (rounded to 4 decimal places) $_____________.
The test statistic in this test is (rounded to 4 decimal places)_______________
The p-value for this test is (rounded to 4 decimal places) ______________
At 0.03 significance level, the correct conclusion for this test is
_x___There is enough evidence that on average, finance majors obtain higher salary offers than do marketing majors among MBAs for all such MBA majors.
____There is NO enough evidence that on average, finance majors obtain higher salary offers than do marketing majors among MBAs for all such MBA majors.
___None of these.
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