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1.   The college bookstore tells prospective students that the average cost of its textbooks is $52...

1.   The college bookstore tells prospective students that the average cost of its textbooks is $52 with a standard deviation of $4.50.   A group of smart statistics students thinks that the average cost is higher. In order to test the bookstore’s claim against their alternative, the students will select a random sample of size 100.  Assume that the mean from their random sample is $52.80.

What is the Z-score?

What percentage of samples would have a higher average cost for text books (look this up in the z table)?

What percentage of samples would have a lower average cost for text books?

At a p value of .05, do you accept or reject the null hypothesis?

What is the critical value for z ?  

math   Statistics-And-Probability   
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