In the last few years, a number of web-based companies that offer job placement services have been created. The manager of one of these companies wants to know whether finance majors were being offered higher salaries than marketing majors. In a preliminary study she recorded the highest salary offer (including benefits) for each of 25 randomly sampled finance majors and 25 randomly sampled marketing majors. The sample of finance majors reflected a mean of $65,624 and a standard deviation of $18,985. The sample of marketing majors reflected a mean of $60,423 and a standard deviation of $16,194. Based on these data:
1. What is the null hypothesis, in symbols?
2. What is the null hypothesis, in words?
3. What is the alternative hypothesis, in symbols?
4. What is the alternative hypothesis, in words?
5. What is the name of the appropriate statistical test?
6. What is the value of the appropriate statistical test?
7. Against what critical value do you compare the appropriate statistical test value (α = 0.05)?
8. Based on these data, do you accept HA? (N/Y) , Why/why not?
9. What conclusion (understandable to a layman) do you conclude about the question of interest?