Answer:
The parameter of interest = the average financial aid package for students admitted μ.
Null hypothesis H0; μ = $49,250
Alternative hypothesis Ha; μ ≠ $49,250
Step-by-step explanation:
The population parameter of interest is the parameter in which the data is focused on. For the case above, the parameter of interest is the average financial aid package for students admitted.
The null hypothesis (H0) tries to show that no significant variation exists between variables or that a single variable is no different than its mean. While an alternative Hypothesis (Ha) attempt to prove that a new theory is true rather than the old one. That a variable is significantly different from the mean.
Let μ represent the average financial aid package for students admitted given as $49,250.
The null hypothesis is that the average financial aid package for students admitted is equal to $49,250.
H0; μ = $49,250
The alternative hypothesis is that the average financial aid package for students admitted is not equal to $49,250.
Ha; μ ≠ $49,250
