Tuition and fees at public four-year and public two-year institutions from 2000-2015 are shown in the table below. Values have been adjusted to 2014 dollars to account for inflation. Average Tuition and Fees in 2014 Dollars 2000-01 to 2014-15 Academic Year Public Four-Yr Public Two-Yr 00-01 $4,837 $2,264 01-02 $5,055 $2,158 02-03 $5,421 $2,214 03-04 $6,018 $2,473 04-05 $6,448 $2,615 05-06 $6,696 $2,660 06-07 $6,795 $2,653 07-08 $7,081 $2,624 08-09 $7,148 $2,580 09-10 $7,825 $2,842 10-11 $8,337 $2,997 11-12 $8,728 $3,135 12-13 $8,991 $3,280 13-14 $9,062 $3,306 14-15 $9,139 $3,347 a. What is the absolute change in tuition and fees at public four-year institutions from 2005-06 to 2014-15? b. Calculate the relative change in tuition and fees at public four-year institutions from 2005-06 to 2014-15. Round to the nearest whole percentage point. c. What is the absolute change in tuition and fees at public two-year institutions from 2005-06 to 2014-15? d. Calculate the relative change in tuition and fees at public two-year institutions from 2005-06 to 2014-15. Round to the nearest whole percentage point. Please label your answers with a, b, c, d.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Tuition and fees at public four-year and public two-year institutions from 2000-2015 are shown in the table below. Values have been adjusted to 2014 dollars to account for inflation.
|
Average Tuition and Fees in 2014 Dollars 2000-01 to 2014-15 |
||
|
Academic Year |
Public Four-Yr |
Public Two-Yr |
|---|---|---|
|
00-01 |
$4,837 |
$2,264 |
|
01-02 |
$5,055 |
$2,158 |
|
02-03 |
$5,421 |
$2,214 |
|
03-04 |
$6,018 |
$2,473 |
|
04-05 |
$6,448 |
$2,615 |
|
05-06 |
$6,696 |
$2,660 |
|
06-07 |
$6,795 |
$2,653 |
|
07-08 |
$7,081 |
$2,624 |
|
08-09 |
$7,148 |
$2,580 |
|
09-10 |
$7,825 |
$2,842 |
|
10-11 |
$8,337 |
$2,997 |
|
11-12 |
$8,728 |
$3,135 |
|
12-13 |
$8,991 |
$3,280 |
|
13-14 |
$9,062 |
$3,306 |
|
14-15 |
$9,139 |
$3,347 |
a. What is the absolute change in tuition and fees at public four-year institutions from 2005-06 to 2014-15?
b. Calculate the relative change in tuition and fees at public four-year institutions from 2005-06 to 2014-15. Round to the nearest whole percentage point.
c. What is the absolute change in tuition and fees at public two-year institutions from 2005-06 to 2014-15?
d. Calculate the relative change in tuition and fees at public two-year institutions from 2005-06 to 2014-15. Round to the nearest whole percentage point.
Please label your answers with a, b, c, d.
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