A major department store chain is interested in estimating the average amount it

Question

A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain's new store in the mall. Fifteen credit card accounts were randomly sampled and analyzed with the following results: X bar = $50.50 and. Construct a 95% confidence interval for the average amount its credit card customers spent on their first visit to the chain's new store in the mall. a)$50.500 $9.09 b) $50.50 $10.12 c) $50.50 $11.00 d) $50.50 $11.08 A Type II error is committed when a) we reject a null hypothesis that is true. b) we don't reject a null hypothesis that is true. c) we reject a null hypothesis that is false. d) we don't reject a null hypothesis that is false. A Type I error is committed when a) we reject a null hypothesis that is true. b) we don't reject a null hypothesis that is true. c) we reject a null hypothesis that is false. d) we don't reject a null hypothesis that is false. An economist is interested in studying the incomes of consumers in a particular region. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in an average income of $15,000. What is the upper end point in a 99% confidence interval for the average income? a $15, 052 b)$15.141 c) $15.330 d) $15, 364

Explanation / Answer

Solution:

Type First Error:- when we reject the Null hypothesis when it's true called type first error.

Type Second Error:- When we accept the Null hypothesis when it's flase called type second error.

20.) (d ) is correct answer. We don't reject the null hypothesis that is false.

21.) (a) is correct answer. We reject the null hypothesis that is true.

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