Statistics for Business & Economics, Revised (MindTap Course List)

12th Edition

ISBN: 9781285846323

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: South-Western College Pub

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Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative p…

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Textbook Question

Chapter 18.3, Problem 19E

Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars.

Public Accountant	Financial Planner
50.2	49.0
58.8	49.2
56.3	53.1
58.2	55.9
54.2	51.9
55.0	53.6
50.9	49.7
59.5	53.9
57.0	51.8
51.9	48.9

a. Use a .05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. What is your conclusion?
b. What are the sample median annual salaries for the two professions?

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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Chapter 18.3, Problem 18E

Chapter 18.3, Problem 20E

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Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 50.2 48.0 59.8 50.2 57.3 54.1 59.2 56.9 53.2 50.9 54.0 54.6 50.9 48.7 59.5 52.9 57.0 50.8 52.9 48.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative hypotheses. H0: The two populations of salaries are identical.Ha: The two populations of salaries are not identical. H0: Median salary for public accountants − Median salary for financial planners > 0Ha: Median salary for public accountants − Median salary for financial planners = 0 H0: Median salary for public accountants − Median salary for financial planners ≥ 0Ha: Median salary for public accountants − Median salary for financial planners…

Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 50.2 49.0 57.8 49.2 56.3 52.1 58.2 54.9 55.2 50.9 54.0 53.6 50.9 50.7 59.5 54.9 58.0 52.8 52.9 49.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative hypotheses. OH,: Median salary for public accountants - Median salary for financial planners 20 H₂: Median salary for public accountants - Median salary for financial planners 0 H: Median salary for public accountants - Median salary for financial planners > 0 H: Median salary for public accountants - Median salary for financial planners = 0 Find the value of the test statistic. W = Find the p-value. (Round your answer to four decimal places.) p-value = What is your conclusion?…

Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 50.2 48.0 59.8 50.2 56.3 53.1 59.2 55.9 55.2 52.9 56.0 52.6 51.9 48.7 60.5 53.9 58.0 52.8 50.9 49.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative hypotheses. H0: The two populations of salaries are identical.Ha: The two populations of salaries are not identical. H0: Median salary for public accountants − Median salary for financial planners > 0Ha: Median salary for public accountants − Median salary for financial planners = 0 H0: Median salary for public accountants − Median salary for financial planners ≥ 0Ha: Median salary for public accountants − Median salary for financial…

Chapter 18 Solutions

Statistics for Business & Economics, Revised (MindTap Course List)

Ch. 18.1 - The following hypothesis test is to be conducted....Ch. 18.1 - Ten individuals participated in a taste test...Ch. 18.1 - The median number of part-time employees at...Ch. 18.1 - Net assets for the 50 largest stock mutual funds...Ch. 18.1 - The median annual income of subscribers to...Ch. 18.1 - The median annual income for families living in...Ch. 18.1 - Prob. 7E Ch. 18.1 - A Pew Research Center survey asked adults if their...Ch. 18.1 - A poll taken during the recession in 2008 asked...Ch. 18.1 - Prob. 10E

Ch. 18.1 - Competition in the personal computer market is...Ch. 18.2 - Two fuel additives are tested to determine their...Ch. 18.2 - A sample of 10 men was used in a study to test the...Ch. 18.2 - Percents of on-time arrivals for flights in the...Ch. 18.2 - A test was conducted for two overnight mail...Ch. 18.2 - The PGA Players Championship was held at the...Ch. 18.2 - The Scholastic Aptitude Test (SAT) consists of...Ch. 18.3 - Two fuel additives are being tested to determine...Ch. 18.3 - Samples of starting annual salaries for...Ch. 18.3 - The gap between the earnings of men and women with...Ch. 18.3 - Prob. 21E Ch. 18.3 - Each year Bloomberg Businessweek publishes...Ch. 18.3 - Police records show the following numbers of daily...Ch. 18.3 - A certain brand of microwave oven was priced at 10...Ch. 18.3 - Prob. 25E Ch. 18.4 - A sample of 15 consumers provided the following...Ch. 18.4 - Three admission test preparation programs are...Ch. 18.4 - Forty-minute workouts of one of the following...Ch. 18.4 - Cond Nast Traveler magazine conducts an annual...Ch. 18.4 - A large corporation sends many of its first-level...Ch. 18.4 - The better-selling candies are often high in...Ch. 18.5 - Consider the following set of rankings for a...Ch. 18.5 - Prob. 33E Ch. 18.5 - Prob. 34E Ch. 18.5 - A national study by Harris Interactive, Inc.,...Ch. 18.5 - Prob. 36E Ch. 18.5 - A student organization surveyed both current...Ch. 18 - A survey asked the following question: Do you...Ch. 18 - Due to a recent decline in the housing market, the...Ch. 18 - Twelve homemakers were asked to estimate the...Ch. 18 - Prob. 41SE Ch. 18 - The following data are product weights for the...Ch. 18 - A client wants to determine whether there is a...Ch. 18 - Prob. 44SE Ch. 18 - Prob. 45SE Ch. 18 - Prob. 46SE Ch. 18 - Prob. 47SE

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