The mean credit card debt among households in one state is $8400. A hypothesis t

Question

The mean credit card debt among households in one state is $8400. A hypothesis test is to be performed to decide whether the mean credit card debt for households in the formerly affluent town of Rich-No-More differs from the mean credit card debt for the state. The hypotheses are H0: ? = $8400 Ha: ? ? $8400 where ? is the mean credit card debt for all households in Rich-No-More. Explain the meaning of a correct decision.

A correct decision would occur if, in fact, ? = $8400, and the results of the sampling do not lead to rejection of that fact; or if, in fact, ? ? $8400 and the results of the sampling do not lead to rejection of the null hypothesis that ? = $8400.

A correct decision would occur if, in fact, ? = $8400, and the results of the sampling do not lead to rejection of that fact; or if, in fact, ? ? $8400 and the results of the sampling lead to that conclusion.

A correct decision would occur if, in fact, ? = $8400, but the results of the sampling lead to the conclusion that ? ? $8400; or if, in fact, ? ? $8400 and the results of the sampling lead to that conclusion.

A correct decision would occur if, in fact, ? ? $8400, and the results of the sampling do not lead to rejection of the null hypothesis that ? = $8400

Explanation / Answer

Option-B) A correct decision would occur if, in fact, ? = $8400, and the results of the sampling do not lead to rejection of that fact; or if, in fact, ? ? $8400 and the results of the sampling lead to that conclusion.

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