Question
In: Statistics and Probability
A financial administrator believes the average cost of tuition and room and board at a small...
A financial administrator believes the average cost of tuition and room and board at a small liberal arts college exceeds $8,500 per term. 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 α = 0.05. What is the p-value for this test?
0.0500
0.0000
0.4938
0.0124
Solutions
Expert Solution
Solution :
=
8500
=8745
=1200
n = 350
this is the RIGHT tailed test .
The null and alternative hypothesis is ,
H0 :
= 8500
Ha :
>8500
Test statistic = z
= (
- 
) /
/ 
n
= (8745-8500) / 1200 /
350
=3.82
P(z >3.82 ) = 1 - P(z <3.82 ) = 1-0.9999=0.00001
P-value = 0.0000
orchestra answered 2 years agoRelated Solutions
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