The average cost of tuition and room and board at a small private liberal arts college...
The average cost of tuition and room and board at a small private liberal arts college is reported to be $10,000 per term, but a financial administrator believes that the average cost is not equal to $10,000. A study conducted using 36 small liberal arts colleges showed found a sample mean of $11,250. The population standard deviation is 2,500. What is the test result if the critical values are -2.000 and 2.000?
Homework Answers
Test statistic = (sample mean - population mean) / (SD / sqrt(n))
= (11250 - 10000) / (2500 / sqrt(36))
= 3
Since test statistic is greater than 2, we should reject the null hypothesis.
There is sufficient evidence to support the claim that average cost is not equal to 10000
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The average cost of tuition and room and board at a small
private liberal arts college...
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