Executives’ Salaries. The file EXECSAL9 on the CD contains the company name, name of the CEO, the 2002 salary, and the 2002 salary plus bonus for samples of executives from 11 different industries. The data are from the Wall Street Journal 2002 CEO Compensation Survey (Monday April 14, 2003). The industries are coded as follows:
1 = Basic Materials
2 = Energy
3 = Industrial
4 = Cyclical
5 = Noncyclical
6 = Technology
7 = Financial
8 = Utilities
9 = Healthcare
10 = Telecommunications
SALARY and SALBONUS will each be in a single column. The column labeled INDUSTRY will contain the industry classification, coded as indicated.
a. Determine whether there is a difference in average salaries for CEOs in the different industry classifications. Use a 5% level of significance for any hypothesis tests used. State any hypotheses to be tested, the decision rule, the test statistic, and your decision.
b. Determine whether there is a difference in the combined average salary and bonus for CEOs in the different industry classifications. Use a 5% level of significance for any hypothesis tests used. State any hypotheses to be tested, the decision rule, the test statistic, and your decision.
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