Question: Suppose a college claims that its graduates from the business
Suppose a college claims that its graduates from the business program earn at least $40,000 a year, on average, in the first year after graduation. Assume that the year-after-graduation salaries are normally distributed, with a standard deviation of $3,300. You survey a random sample of 20 graduates of the program, and find that, one year after graduation, the average salary is $38,000. What would the sampling distribution of the x-bar-values look like? What is the probability of getting an x-bar-value as low as $38,000? Does this mean that the average salary of graduates from the business program is less than $40,000 in the first year after graduation?
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