Essay
A university wants to know if the average salary of its graduates has increased since 2015. The average salary of graduates prior to 2015 was $48,000. Since 2015, 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 p-value at a 5% significance level.
C) At the 5% significance level, can you conclude that salaries have increased? Explain.
Correct Answer:
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a. H0: μ ≤ 48, HA: μ >...View Answer
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Correct Answer:
Verified
View Answer
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