A Survey of Full Professors (Highest Ranking) in History Found

question 207

Multiple Choice

A survey of full professors (highest ranking) in History found that the average income is $74,914. Because that survey is now over 8 years old, an institutional researcher wants to test this figure by taking a random sample of 112 History professors with full professorship status. The researcher finds a sample mean of $81,342. The population standard deviation is known to be $15,121.
-The null and alternative hypotheses to determine is the figure has changed is _____.

• A)H₀: µ = 74,914 H_a: µ ≠ 74,914
• B)H₀: µ ≥ 74,914 H_a: µ < 74,914
• C)H₀: µ ≤ 74,914 H_a: µ > 74,914
• D)H₀: µ ≠ 74,914 H_a: µ = 74,914
• E)H₀: µ ≤ 81,342 H_a: µ > 81,342

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Definitions:

Raw Materials

Raw materials are the basic, unprocessed physical materials required for manufacturing products.

Finished Goods Inventory

The stock of completed products ready for sale but not yet sold, representing one of the final stages in the production process.

Finished Goods Inventory

The stock of completed products that are ready to be sold.

Required Production

The quantity of products a company needs to produce to meet its sales forecasts and inventory levels.