The Bureau of Labor Statistics Reported That the Average Yearly

Essay

The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2012 was $110,000. A sample of 81 dentists, which was taken in 2013, showed an average yearly income of $120,000. Assume the standard deviation of the population of dentists's incomes in 2013 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.