The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100 graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000. We want to determine whether or not there has been a significant increase in the starting salaries.a.State the null and alternative hypotheses to be tested.b.Compute the test statistic.c.The null hypothesis is to be tested at the 5% level of significance. Determine the critical value for this test.d.What do you conclude?e.Compute the p-value.

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Description: The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100 graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000.

Given information- Population mean, μ = $48,400 Sample size, n = 100 Sample mean, x-bar = $50,000…

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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 starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100 graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000. We want to determine whether or not there has been a significant increase in the starting salaries.

a.	State the null and alternative hypotheses to be tested.
b.	Compute the test statistic.
c.	The null hypothesis is to be tested at the 5% level of significance. Determine the critical value for this test.
d.	What do you conclude?
e.	Compute the p-value.

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