Define each of the type i error and type ii error

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Reference no: EM13909901

1. The manager of a chain of discount department stores wishes to estimate the total number of erroneous discounts allowed by sales clerks during the last month. A random sample of 1000 of the chain's 57,532 transactions for the last month reveals that erroneous discounts were allowed on 41 of the transactions. Use this sample information to find a point estimate of and a 95 percent confidence interval for the total number of erroneous discounts allowed during the last month.

CONCEPTS

2. Define each of the following: Type I error, and Type II error.

3. When testing a hypothesis, why don't we set the probability of a Type I error to be extremely small? Explain.

Reference no: EM13909901

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