Question

It's a multi part question set - if you can't finish all of it, that's ok! I would just really appreciate any and all help as soon as possible, will give thumbs up, thank you so much in advance!

Thank you!! Economics majors' salaries There are 14 questions in this set. As you proceed through these questions, use necessary information from previous questions. An economist wants to estimate the mean starting salary in the population of economics majors graduating from US universities. To begin, the economist assumes that starting salaries of economics majors graduating from US universities are approximately normally distributed with a standard deviation of 10 In a random sample of 31 graduating economics majors, the mean starting salary was 51.8, and the standard deviation of starting salaries was 12. HINT: The units of starting salaries are "thousands of dollars". Do not change the given values into "dollars" Calculate the lower (smaller) endpoint of the 90% confidence interval for the population mean. Two 1.) decimals 2.) Continued. Calculate the unser/larger).endpoint of the 90% confidence interval for the population mean. Two decimals 3.) The economist uses this confidence interval to test the null hypothesis that the population mean is 50 against the alternative hypothesis that the population mean is different from 50, at the 10% significance level. What is the conclusion? FAIL TO REJECT Ho (accept Ha) REJECT Họ in favor of HA O FAIL TO REJECT O REJECT 4.) Which of the following describes how to use the p-value to reach a conclusion in the hypothesis test in the previous question? Do not calculate the p-value. ONE. Reject H, if P(x>51.81H=50) is less than the significance level TWO. Accept H, if P(X>51.81y = 50) is less than the significance level THREE. Reject H, if P(X< 48.21 h = 50) +P(X>51.8|=50) is less than the significance level FOUR. Accept H, if P(X< 48.2 y = 50) +P(x>51.81 h = 50) is less than the significance level OTWO O ONE O THREE FOUR

Answer 1

1. 48.85

2. 54.75

3. FAIL TO REJECT

4. THREE

5. 121

6. 48.75

7. 54.85