The Wall Street Journal reported that bachelor’s degree recipients
with majors in business received average starting salaries of $53,900
in 2012 (the Wall Street Journal, March 17, 2014). The results for a
sample of 100 business majors receiving a bachelor’s degree in 2013
showed a mean starting salary of $55,144 with a sample standard
deviation of $5200. Conduct a hypothesis test to determine whether the
mean starting salary for business majors in 2013 is greater than the
mean starting salary in 2012. use ? = .01 as the level of
significance?
WHAT IS THE CRITICAL VALUE?
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