Independent Random Samples of Managers' Yearly Salaries (In $1000s) Randomly $$\begin{array} { l l } &\text { Government } & \text { Private } \\\bar{x}&80 & 75 \\s&9 & 10 \\n&28 & 31\end{array}$$

question 12

Essay

Independent random samples of managers' yearly salaries (in $1000s) randomly selected from governmental and private organizations provided the following information. At 95% confidence, test to determine if there is a significant difference between the average salaries of the managers in the two sectors. $$\begin{array} { l l } &\text { Government } & \text { Private } \\\bar{x}&80 & 75 \\s&9 & 10 \\n&28 & 31\end{array}$$ ​

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Definitions:

Near Future

A term referring to the time period that is just ahead; often implying that certain events are likely to happen soon.

Willingness to Pay

The maximum amount an individual is prepared to spend to procure a good or service, reflecting their valuation of it.

Buyer

An individual or entity that purchases goods or services for personal use or consumption.

Good

Represents a tangible product or service that satisfies some human want or need.