It is known that the average tuition per semester at colleges in Virginia is $3712. Suppose we take a sample of 15 colleges and find that the average tuition per semester is $4512 with a sample standard deviation of $595. We are interested in testing if the average amount of tuition is increasing.
Using the sample of 15 people, what would the 95% confidence interval be for the population mean?
What are the null and alternative hypotheses?
What is the critical value at 95% confidence?
Calculate the test statistic.
Find the p-value
What conclusion would be made here at the 95% confidence level?
Would my conclusion change if I changed alpha to .01?