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

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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?

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

 H0:H0:                

 H1:H1:             

  1. The test statistic     = (please show your answer to 3 decimal places.)
  2. The p-value = (Please show your answer to 4 decimal places.)
  3. The p-value is     αα
  4. Based on this, we should      the null hypothesis.
  5. 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.
  6. 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 .
  7. 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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