The average cost of tuition, room and board at small private liberal arts colleges is reported...

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 different. A study conducted using 50 small liberal arts colleges showed that the average cost per term is $8,745 with a standard deviation of $1,200. Let α= 0.05.

What are the null and alternative hypotheses for this study?

What is the critical value for this test?

Assuming the value of the critical value was 2.00 and based on the computed test statistic, what is our decision about the average cost?

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Expert Solution

orchestra answered 1 year ago

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