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Solution) One reads that a business school graduate with an undergraduate degree earns more than a high school

Question: One reads that a business school graduate with an undergraduate degree earns more than a high school graduate with no additional education, and a person with a master’s degree or a doctorate earns even more. To test this, a random sample of 25 executives from companies with assets over $1 million was selected. Their incomes, classified by highest level of education, follow.

Income ($ thousands)
High School or less	Undergraduate Degree	Master's Degree or More
45	49	51
47	57	73
53	85	82
62	73	59
39	81	94
43	84	89
54	89	89
	92	95
	62	73

Test at the .05 level of significance that there is no difference in the arithmetic mean salaries of the three groups. If the null hypothesis is rejected, conduct further tests to determine which groups differ. How do we go about this?

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Answer: The downloadable solution consists of 3 pages
Solution Format: Word Document