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:

Planning Phase

An initial stage in project management or development where objectives are set, strategies are determined, and tasks and schedules are outlined.

Execution Resources

The combination of personnel, equipment, and materials that are deployed to carry out project tasks and achieve objectives.

Office Space

Office space refers to the physical location where the operations of a business are conducted, typically including areas for employee workstations and meetings.

Infrastructure Support Team

A group of professionals responsible for managing and maintaining the physical and organizational structures needed for operations.