Reference no: EM132529296
The average cost of tuition and room and board at small private liberal arts colleges is reported to be $8,500 per term, but a financial administrator believes that the average cost is higher. A study conducted using 350 small liberal arts colleges showed that the average cost per term is $8,745. The population standard deviation is $1,200. Let 1-α = 0.95 and α = 0.05.
a. What are the null and alternative hypotheses?
b. Draw the picture of the distribution of the test statistic. Include region (s) of rejection and non- rejection.
c. What is the critical value of the test statistic?
d. What is the calculated (computed) value of the test statistic?
e. What is the estimated population mean? Page | 2 f. What is the margin of error?
g. Construct 95% confidence interval estimate for the population mean
h. What is the p-value based on the computed test statistic?
i. State the decision rules for both critical approach and p-value approach and What is your conclusion about the average cost?
Qhat is the probability that product will be successfully
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