The Mean Annual Tuition and Fees for a Sample of 11

question 87

Essay

The mean annual tuition and fees for a sample of 11 private colleges was $26,500
with a standard deviation of $6000. A dotplot shows that it is reasonable to
assume that the population is approximately normal. You wish to test whether the
mean tuition and fees for private colleges is different from $31,000. i). State the null and alternate hypotheses.
ii). Compute the value of the test statistic and state the number of degrees of freed iii). State a conclusion regarding $H _ { 0 }$ . Use the $\alpha = 0.05$ level of significance. .

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Definitions:

Limited Resources

Refers to the finite availability of goods and inputs, such as labor, raw materials, and capital, which are used to produce economic outputs.

Unlimited Wants

The economic concept that humans have insatiable desires for goods and services, which exceeds the resources available to satisfy them.

Individuals

Single human beings, considered separately from society or as distinct entities with personal interests and responsibilities.

Fallacy of Composition

The error of assuming that what is true of a part is necessarily true of the whole.