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 busi majors in 2013 is greater than the mean starting salary in 2012. Use a 01 as the level of significance ness a) State null and alternative hypotheses. b) What is the p-value? c) What is the critical value for alpha = 0.01? d) What is your conclusion?
