The development office and the registrar of your university have provided you with anonymous matches of...

The development office and the registrar of your university have provided you with anonymous matches of starting salaries and GPAs for 108 graduating economics majors. Your sample contains a variety of jobs, from church pastor to stockbroker. a) The average starting salary for the 108 students was $38,584 with a sample standard deviation of $7,500. The mean starting salary for economics majors from other universities is $36,000. At a 5% significance level, is there statistical evidence showing that the mean for your university is different from the other universities' mean? b) Compute the p-value from the previous test. What does it mean? c) Construct a 95% confidence interval for the starting salary of all economics majors at your university. How do you interpret this interval? d) You wonder if it pays to get good grades by calculating the average salary for economics majors who graduated with a cumulative GPA of B+ or better, and those who had a Bor worse. The data is as shown in the accompanying table. Cumulative GPA Average Earning Y Sample Standard Dev. s, B+ or better $39,900 $8,300 59 B or worse $37,000 $6,100 49 Using a 5% significance level test, is there statistical evidence showing that students with high GPA have a higher starting salary than students with low GPA? e) Construct a 95% confidence interval for the difference between the starting salaries of high and low GPA students. How do you interpret this interval?