The average salary for American college graduates is $41,300. You suspect that the average is more for graduates from your college. The 68 randomly selected graduates from your college had an average salary of $43,634 and a standard deviation of $6,420. What can be concluded at the αα = 0.01 level of significance?For this study, we should use The null and alternative hypotheses would be: H0:H0: H1:H1: The test statistic = (please show your answer to 3 decimal places.)The p-value = (Please show your answer to 4 decimal places.)The p-value is ααBased on this, we should the null hypothesis.Thus, the final conclusion is that ...The data suggest that the populaton mean is significantly greater than 41,300 at αα = 0.01, so there is statistically significant evidence to conclude that the population mean salary for graduates from your college is greater than 41,300.The data suggest that the sample mean is not significantly greater than 41,300 at αα = 0.01, so there is statistically insignificant evidence to conclude that the sample mean salary for graduates from your college is greater than 43,634.The data suggest that the population mean is not significantly greater than 41,300 at αα = 0.01, so there is statistically insignificant evidence to conclude that the population mean salary for graduates from your college is greater than 41,300.Interpret the p-value in the context of the study.If the population mean salary for graduates from your college is $41,300 and if another 68 graduates from your college are surveyed then there would be a 0.19083781% chance that the sample mean for these 68 graduates from your college surveyed would be greater than $43,634.If the population mean salary for graduates from your college is $41,300 and if another 68 graduates from your college are surveyed then there would be a 0.19083781% chance that the population mean salary for graduates from your college would be greater than $41,300.There is a 0.19083781% chance of a Type I error.There is a 0.19083781% chance that the population mean salary for graduates from your college is greater than $41,300 .Interpret the level of significance in the context of the study.If the population mean salary for graduates from your college is $41,300 and if another 68 graduates from your college are surveyed then there would be a 1% chance that we would end up falsely concluding that the population mean salary for graduates from your college is greater than $41,300.There is a 1% chance that the population mean salary for graduates from your college is greater than $41,300.If the population population mean salary for graduates from your college is greater than $41,300 and if another 68 graduates from your college are surveyed then there would be a 1% chance that we would end up falsely concluding that the population mean salary for graduates from your college is equal to $41,300.There is a 1% chance that your won't graduate, so what's the point?

Given Information: Hypothesize value of population mean μ0=$41,300 Sample size n=68 Sample mean…

Answered: The average salary for American college…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The average salary for American college graduates is $41,300. You suspect that the average is more for graduates from your college. The 68 randomly selected graduates from your college had an average salary of $43,634 and a standard deviation of $6,420. What can be concluded at the αα = 0.01 level of significance?

For this study, we should use
The null and alternative hypotheses would be:

H0:H0:

H1:H1:

The test statistic = (please show your answer to 3 decimal places.)
The p-value = (Please show your answer to 4 decimal places.)
The p-value is αα
Based on this, we should the null hypothesis.
Thus, the final conclusion is that ...
- The data suggest that the populaton mean is significantly greater than 41,300 at αα = 0.01, so there is statistically significant evidence to conclude that the population mean salary for graduates from your college is greater than 41,300.
- The data suggest that the sample mean is not significantly greater than 41,300 at αα = 0.01, so there is statistically insignificant evidence to conclude that the sample mean salary for graduates from your college is greater than 43,634.
- The data suggest that the population mean is not significantly greater than 41,300 at αα = 0.01, so there is statistically insignificant evidence to conclude that the population mean salary for graduates from your college is greater than 41,300.
Interpret the p-value in the context of the study.
- If the population mean salary for graduates from your college is $41,300 and if another 68 graduates from your college are surveyed then there would be a 0.19083781% chance that the sample mean for these 68 graduates from your college surveyed would be greater than $43,634.
- If the population mean salary for graduates from your college is $41,300 and if another 68 graduates from your college are surveyed then there would be a 0.19083781% chance that the population mean salary for graduates from your college would be greater than $41,300.
- There is a 0.19083781% chance of a Type I error.
- There is a 0.19083781% chance that the population mean salary for graduates from your college is greater than $41,300 .
Interpret the level of significance in the context of the study.
- If the population mean salary for graduates from your college is $41,300 and if another 68 graduates from your college are surveyed then there would be a 1% chance that we would end up falsely concluding that the population mean salary for graduates from your college is greater than $41,300.
- There is a 1% chance that the population mean salary for graduates from your college is greater than $41,300.
- If the population population mean salary for graduates from your college is greater than $41,300 and if another 68 graduates from your college are surveyed then there would be a 1% chance that we would end up falsely concluding that the population mean salary for graduates from your college is equal to $41,300.
- There is a 1% chance that your won't graduate, so what's the point?

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