Statistics Solutions

Solution: The average cost of tuition, room and board at small private liberal arts colleges is reported to be $8,500 per term, but a financial administrator

Question: The average cost of tuition, 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 150 small liberal arts colleges showed that the average cost per term is $9,000 with a standard deviation of $1,200. Let a = 0.05.

  1. What is the null and alternative hypotheses for this study?
  2. What is the critical z-value for this test?
  3. What is the z-value based on the sample?
  4. What is your decision about the average cost based on this study? Is the average cost per term higher than What is reported?

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