Solution-Convenience store in particular spot in ottawa

Convenience store in particular spot in ottawa

Reference no: EM13918064

1. I am deciding on whether to invest 400,000 CAD to open a convenience store in particular spot in Ottawa. I know that the business will be profitable, with income of 70,000 CAD per year, if the store will have in average μ = 60 or more customers per day. If I am convinced that the business will be profitable then I will go ahead and open the store otherwise I won't. Hence I am dealing with this hypothesis testing problem. complete solutions correct answers key

H0 : μ = 60 vs Ha : μ < 60

(A) Explain what Type I error means in the context of this problem.

(B) What is the consequence of Type I error.

(D) What is the consequence of Type II error in the context of this problem.

(E) Which error is more expensive in your opinion. Explain.

Reference no: EM13918064

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Convenience store in particular spot in ottawa : 1. I am deciding on whether to invest 400,000 CAD to open a convenience store in particular spot in Ottawa. I know that the business will be profitable, with income of 70,000 CAD per year, if the store will have in average μ = 60 or more customers..

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Convenience store in particular spot in ottawa

Reference no: EM13918064

Reference no: EM13918064

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