3) The Wall Street Journal reported that recipients of abachelor degree with major in business receive average startingsalaries of $55,000 in 2017, with a standard deviation of $4,000. Asample of 100 salaries from business majors collected in 2018 showsa mean starting salary of $ $54,000. You are hired as astatistician to investigate whether there are salary differencesfor business majors in 2018 with respect to 2017. Allow for 5%error on a two tail test.
3.A) The critical value for this problem is?
3.B) The calculated a standard error is equal to?
3.C) The test statistic calculated is?
3.D) What is your decision after the test? (Accept orReject)
3.E) What is the p-value equal to?
3.F) What is your conclusion after the test? Be specific andrelate to the problem.
