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Author Question: Salary data were collected from CEOs in the consumer products industry and CEOs in the ... (Read 615 times)

Evvie72

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on: Feb 14, 2020

Question 1

Calculate the degrees of freedom associated with a small-sample test of hypothesis for assuming and
◦ 12
◦ 23
◦ 11
◦ 25

Question 2

Salary data were collected from CEOs in the consumer products industry and CEOs in the telecommunication industry. The data were analyzed using a software package in order to compare mean salaries of CEOs in the two industries.

      HYPOTHESIS: MEAN X = MEAN Y

SAMPLES SELECTED FROM SALARY

X = Consumer Products
Y = Telecommunications
SAMPLE MEAN OF X =1761
SAMPLE VARIANCE OF X =3.97555E6
SAMPLE SIZE OF X =21
SAMPLE MEAN OF Y =1093.5
SAMPLE VARIANCE OF Y =103255
SAMPLE SIZE OF Y =21
MEAN X - MEAN Y =667.5
test statistic =1.47809
D. F. =40
P-VALUE =0.147626
P-VALUE/2 =0.0738131
SD. ERROR =451.597

What of the following assumptions is necessary to perform the test described above?
◦ The standard deviations of the two populations of salaries are both large.
◦ The population of salaries for each of the two industries has an approximately normal distribution.
◦ The means of the two populations of salaries are equal.
◦ None. The Central Limit Theorem takes care of all assumptions
Statistics ¦ McClave, Sincich, Tamarack ¦ 12th Edition
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Marked as best answer by Evvie72 on Feb 14, 2020

smrtceo

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Reply #1 on: Feb 14, 2020
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Aman Rohan

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Reply #2 on: Jul 24, 2020
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