The Average Cost of Tuition, Room and Board at Community $\alpha$

question 12

Multiple Choice

The average cost of tuition, room and board at community colleges is reported to be $11,500 per year, but a financial administrator believes that the average cost is higher. A study conducted using 150 community colleges showed that the average cost per year is $12,000 with a standard deviation of $1,200. Let $\alpha$ = 0.05. What are the null and alternative hypotheses for this study?

• A) Null: \(\mu\) \(\le\) $12,000; alternative: \(\mu\) > $12,000
• B) Null: \(\mu\) \(\le\) $12,000; alternative: \(\mu\) < $12,000
• C) Null: \(\mu\) \(\le\) $11,500; alternative: \(\mu\) > $11,500
• D) Null: \(\mu\) \(\le\) $11,500; alternative: \(\mu\) < $11,500

Acknowledge international conventions and agreements regarding wills and the probate process.

Grasp the concept of the power of attorney and its use in delegating decision-making authority.

Understand the concept and legal requirements needed for testamentary capacity.

Identify examples of nonprobate property and explain their significance.

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Definitions:

Marginal Cost

The change in total production cost that arises when the quantity produced is incremented by one unit.

Fixed Cost

Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and loan payments.

Variable

A variable is an element, feature, or factor that is liable to vary or change; in mathematics and statistics, it's a quantity that can assume any of a set of values.

Output

The aggregate production of goods or services by an enterprise, economic sector, or the entire economy.