Question

Directions: Please complete the case study by following the prompted directions and answering the following questions. Many questions are asking for your opinion on the analysis of data/graphs, therefore many answers are considered acceptable with a proper explanation. You hould turn in any graphs/questions that are asked for; if I do not ask for a graph or explanation it is not necessary. The solutions should be numbered based on the question you are answering The solutions may be hand written (if I cannot read/understand your work or thought process you will have points deducted) or you may type up your solutions/graphs or a combination of both. The due date for this case study is THURSDAY, APRIL 25th BY 12:20 P.M. You may either hand me a physical copy by this class date or submit an electronic copy. If you decide to submit an electronic copy, please submit a PDF to the appropriate drop box section on Blackboard. Pictures taken on cellphones will not be accepted. Submissions by email will not be accepted. Any evidence of cheating/plagiarism will result in an automatic 0 for the assignment. Late submissions will result in a 10% deduction, and then for every 24 hours that it is late will be another 10% deduction. Case Study #3 According to a poll conducted in 2017 by the US, Census Bureau, 33.4% of Americans 2S or older said they had completed a bachelor's degree or higher. This is a steep increase from the 28% with a college degree a decade ago. With so many American's earning a bachelor's degree, the topic of student debt and overall price for 4-year college tuition has been highly debated and a platform for several political candidates. lege costs per year in New eges and get a sample of the following data. The tuition is per We would like to get an idea about just how much money a 4-year col lersey. You go to 12 popular coll year for the average in state student. You may assume the population is normally distributed Tuition (per year) $14,131 $12,864 $15,466 $43,450 $11,773 $12,820 $38,360 $38,072 $27,800 $11,581 $13,698 $12,365 College Rutgers University Rowan University The College of New Jersey Princeton University Montclair State University Stockton University Rider University Seton Hall University Bloomfield College Kean University Ramapo College William Paterson Universit Use the data above to answer the following questions. 1. Construct a 95% confidence interval for the average yearly tuition for all in-state New Jersey colleges/universities. Interpret this interval in the context of the problem 2. What would happen to the width of the interval in the first problem if you decided to a 99% confidence interval instead? what would happen to the center of the interval? Which interval would have a higher chance of being accurate? Which interval would be more precise? what would happen to the 95% confidence interval in the first problem if you decided to 3. go and sample an additional 10 colleges in New Jersey to add to your data? While doing your research on college tuition, you see a quote from a local politician. This politician is quoted as saying "College tuition in this state is completely ridiculous! The average yearly tuition for in-state New Jersey residents is $27,000!" You suspect this politician is being a bit dramatic (in other words, you suspect that the average yearly tuition for in-state New Jersey residents is lower.) Perform a hypothesis test at the a - 0.10 level. Be sure to include the following in your hypothesis test: null and alternate stated, test statistic and p-value reported, conclusion in the context of the problem 4. stated 5. You take a look at your desired profession, and the colleges you are looking at in New Jersey, and you decide that it does not make financial sense for you to attend a college that charges more than $20,000 a year. Let's suppose you have an equal chance of getting into each college/university (never the case, but we are assuming for simplicity!) Construct a 90% confidence interval for the proportion of New Jersey colleges/universities that you will consider attending 6. Your best friend absolutely loves to pump you up. He/she claims, "you have all the options in the world- you totally understand and love statistics so much, it only makes sense that you have so many eligible colleges to attend!" He/she claims that even with your financial decision made in question 5, you still will consider 75% of the colleges/universities in New Jersey. You are slightly less optimistic, and you think that the proportion of colleges/universities in New Jersey you will be able to consider is less than 75%. Perform a hypothesis test at the 0.01 level. Be sure to include the following in our hypothesis test: null and alternate stated, test statistic and p-value reported, conclusion in the context of the problem stated.

Answer 1

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