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StatisticsQ&A LibraryExample: It is stated that the average cost of books and supplies for a college student is $402 with a population standard deviation of $138. You would like to test this claim at the level of significance of .05. Using a simple random sample of 50 college students an average of $451 was computed. State the null hypothesis State the alternative hypothesis Calculate the test statistic Calculate the p-value What conclusion will you draw? Repeat the hypothesis test using the critical value approach? What sample mean would we need to get to start to reject the null hypothesis?Start your trial now! First week only $4.99!*arrow_forward*

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Example: It is stated that the average cost of books and supplies for a college student is $402 with a population standard deviation of $138. You would like to test this claim at the level of significance of .05. Using a simple random sample of 50 college students an average of $451 was computed.

- State the null hypothesis
- State the alternative hypothesis
- Calculate the test statistic
- Calculate the p-value
- What conclusion will you draw?
- Repeat the hypothesis test using the critical value approach?
- What sample mean would we need to get to start to reject the null hypothesis?

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