The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2012 was $115,000. A sample of 300 dentists, which was taken in 2013, showed an average yearly income of $120,000. Assume the standard deviation of the population of dentists’ incomes in 2012 is $30,000.
a.
We want to test and determine if there has been a significant increase in the average yearly income of dentists. Provide the null and the alternative hypotheses.b.
Compute the test statistic.c.
Determine the p-value; and at a 5% level of significance, test the hypotheses.
What will be an ideal response?
| a. | H0: ?? $110,000 Ha: ?> $110,000 |
| b. | z = 2.89 |
| c. | p-value = .0019Since the p-value = .0019 < .05, reject H0. Therefore, it can be concluded that there has been a significant increase. |
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