If you have a personal hotspot does that make your 3g Internet faster?

I'm new to this whole personal hotspot thing but I do have some information that I know like how it acts like a personal router to other devices such as Xbox, ipod, computer, etc. The only questions that I don't know are the ones below.
-would it make my iPhone 4S much faster?
-does it cost money to get it and if so how much?
Oh i'm on sprint btw!

I hope I understand your question.
First to clarify things so you may understand.
Your phone automatically connects to the fastest network available, in the following order of priority: Wi-Fi>4g>3G>Edge(2G)>GPRS.

If your Iphone is running on 3G already it will not make it faster.3G speed is 3G speed. It is considerably faster than 2G(Egde) though.
It depends on your Hot Spot. Is it a 3G or 4G Hotspot.

If you do not care about Blazing speed then 3G is fine, but when it comes to gaming online with your XBOX you may have occasional lagging with some games.

Yes, It costs See link below for the cheapest.

NOW… If you meant making your IPHONE into a HotSpot by adding the additional service through sprint you may want to contact them to see how much those services are.

Hope this helps!
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