The Average Cost of Tuition Plus Room and Board for a Small

question 55

Multiple Choice

The average cost of tuition plus room and board for a small private liberal arts college 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. The population standard deviation is $1,200. Let α = 0.05. Based on the computed test statistic or p-value,what is our decision about the average cost?

• A)Equal to $8,500
• B)Greater than $8,500
• C)Less than $8,500
• D)Not equal to $8,500

---

Definitions:

Differentiation

The process by which cells or tissues undergo a change toward a more specialized form or function during development.

Development

The process through which organisms grow and change over time, involving physical, biological, and sometimes psychological transformations.

Amnion

The amnion is a thin membrane that surrounds the embryo in mammals, birds, and reptiles, providing a protective environment.

Cell Differentiation

The process by which a cell becomes specialized to perform a specific function, often as part of developmental processes in multicellular organisms.