A University Wants to Know If the Average Salary of Its

question 58

Essay

A university wants to know if the average salary of its graduates has increased since 2010.The average salary of graduates prior to 2010 was $48,000.Since 2010,the university surveyed 256 graduates and found an average salary of $48,750.Assume that the standard deviation of all graduates' salaries is $7,000.
a.Specify the null and alternative hypotheses to determine whether the average salary of graduates has increased.
b.Calculate the value of the test statistic and the critical value at a 5% significance level.
c.At the 5% significance level,can you conclude that salaries have increased? Explain.

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Definitions:

Industrialized Nations

Countries that have undergone industrialization and have a significant level of economic development, technology, and manufacturing infrastructure.

Status Inconsistency

Exists when the different statuses occupied by the individual bring with them significantly different amounts of prestige.

Culture

Culture refers to the shared beliefs, values, norms, behaviors, and material objects that are passed from one generation to the next within a society.

Society

A community of people living together in a more or less ordered community, sharing customs, laws, and organizations.