The Average Cost of Tuition, Room and Board at Small $\le$

question 19

Multiple Choice

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 350 small liberal arts colleges showed that the average cost per term is $8,745 with a standard deviation of $1,200. Let = 0.05. What are the null and alternative hypotheses for this study?

• A) Null: µ \(\le\)$9,000; alternative: µ > $9,000
• B) Null: µ \(\ge\) $9,000; alternative: µ < $9,000
• C) Null: µ \(\le\) $8,500; alternative: µ > $8,500
• D) Null: µ \(\ge\) $8,500; alternative: µ < $8,500

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Definitions:

Union Demands

Requests or conditions put forward by labor unions during negotiations with employers, typically regarding wages, benefits, working conditions, and job security.

Decertification Election

A legal process where workers vote to remove the representation of a labor union in their workplace, effectively ending the union's authority to negotiate on their behalf.

Track Record

The history of performance, achievements, or the reliability of an individual, organization, or product over a period of time.

Contract Expires

The moment when a formal agreement, particularly relating to employment or services, reaches its end date and is no longer in effect unless renewed.