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The following information shows the yearly salaries (in $1,000) of samples of physicians for 2013 ...

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The following information shows the yearly salaries (in $1,000) of samples of physicians for 2013 ...

The following information shows the yearly salaries (in $1,000) of samples of physicians for 2013 and 2012.

 
(1)
(2)
 
Year 2013
Year 2012
Sample Size
280
244
Sample Mean
790
685
Population Standard Deviation (s)100
110

We want to perform a test to determine if there has been a significant increase in the salaries of physicians. In your computations, please use “1” to represent year 2013.

a. State the null and alternative hypotheses to be tested.

H_o:

H_a:

b. Compute the test statistic.

c. The null hypothesis is to be tested at 95% confidence. Determine the critical value from the table.

d. What do you conclude? Fully explain and answer the question.

e. Compute the p-value.

Textbook

Essentials of Statistics for Business and Economics

Edition: 7^th

Authors: Anderson, Sweeney, Williams, Camm, Cochran

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lindseyw Author

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