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The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2012 was $110,000. A sample of 81 dentists, which was taken in 2013, showed an average yearly income of $120,000. Assume the standard deviation of the population of dentists's incomes in 2013 is $36,000.
a.We want to test to determine if there has been a significant increase in the average yearly income of dentists. Provide the null and the alternative hypotheses.
b.Compute the test statistic.
c.Determine the p-value; and at 95% confidence, test the hypotheses.
Mirror-Image Rule
A principle in contract law stating that an offer must be accepted exactly without modifications for a valid contract to be formed.
Industry-Specific
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Restatement of Contracts
A comprehensive compilation of legal principles regarding contract law intended to clarify, modernize, and illustrate current legal practices.
Silence
The absence of any response or acknowledgment, which in some legal contexts can signify agreement or acquiescence.
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