M
, 05.08.2022 03:32

# What's the p-value & the average cost for the question about the average cost of tuition and room and board at a small 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 q=0.05. What is the p-value for this test and based on the computed test statistic or p-value, what is our decision about the average cost?

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