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The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2009 was $110,000.A sample of 81 dentists,which was taken in 2010,showed an average yearly income of $120,000.Assume the standard deviation of the population of dentists in 2010 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.
Sampling Error
Difference between results derived from testing an entire group of events or individuals, and results derived from testing a subset of the group.
Trend Analysis
The process of comparing business data over time to identify any consistent results or trends that can be used to make business decisions or predictions.
Environmental Energy
Energy derived from natural sources in the environment, such as sunlight, wind, and water currents.
Electrical Energy
Energy caused by the movement of electrons, widely used for power generation and transmission.
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