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The average cost of tuition and room and board at a small private liberal arts college...

The average cost of tuition and room and board at a small private liberal arts college is reported to be $8,500 per term. A financial administrator believes that the average cost is higher. 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?

A. 0.0000

B. 0.0124

C. 0.4938

D. 0.0500

Math   Statistics-And-Probability   
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Answer #1

P-value = P(Z > z)

z is test statistic.

We have to find first, the value of z.

Sample size = n = 350

Sample mean = = 8745

Population standard deviation = = 1200

Population mean = = 8500

Test statistic is

P-value = P(Z > z) = P(Z > 3.82) = 1 - P(Z < 3.82) = 1 - 1 = 0.0000

A. 0.0000

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