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I need help understanding the process to figure out what the p-value is, but just as important as the correct response is the process how you got
I need help understanding the process to figure out what the p-value is, but just as important as the correct response is the process how you got there, so I can do it myself next time.
Are America's top chief executive officers (CEOs) really worth all that money? One way to answer this question is to look at the annual company percentage increase in revenue versus the CEO's annual percentage salary increase in that same company. Suppose that a random sample of companies yielded the following data:
percent change for corporation
15
12
3
12
28
6
8
2
percent change for CEO
6
17
-4
12
32
-1
7
2
Do these data indicate that the population mean percentage increase in corporate revenue is greater than the population mean percentage increase in CEO salary? Use a 5% level of significance. What is the p-value associated with this test of hypothesis? Place your answer, rounded to 3 decimal places, in the blank. For example, 0.134 would be a legitimate entry.
