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yulyashka [42]
3 years ago
15

Suppose an inventor is interested in the proportion of local consumers who would be interested in purchasing her new product. If

she samples local residents at random and tests hypotheses regarding p, the population proportion, what should she do to reduce her risk of making a Type II error?
a. Increase the number of local consumers she will sample

b. Decrease the number of local consumers she will sample

c. Make sure her sample of local consumers is exactly 10

d. Decrease the significance level
Business
1 answer:
olga_2 [115]3 years ago
3 0

Answer:

The answer is option A) To reduce her risk of making a Type II error, she should Increase the number of local consumers she will sample

Explanation:

A type II error is sometimes called a beta error because it confirms an idea that should have been rejected, claiming the two observances are the same, even though they are different. A type II error is essentially a false positive.

A type II error can be reduced by making more stringent criteria for rejecting a null hypothesis such as:

  • Increasing the the sample size used in the Test: this is a strategy used to increase the power of the test and reduce the error to a considerable amount.
  • Increasing the significance level: choosing a higher level of significance is important for double checking and which increases accuracy.
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The expected return for a particular investment are the returns which a an investor expects when he or she invests in a particular investment. In the above scenario, there'll be an increase in the expected portfolio return.

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Which theorist argues that members of a class are grouped by their value in the commercial marketplace?
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Suppose the federal reserve wants to decrease the money supply by $400 billion. if the reserve requirement (rr) is 0.2, calculat
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2 years ago
If an oligopolistic manufacturer believes that he faces a kinked demand curve for his product, he thinks his competitors will __
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Answer:

(A) lower their prices; not raise their prices

Explanation:

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7 0
3 years ago
We are interest rate compounded annually beginning balance 1000 annual interest rate 8% what will your ending balance be after o
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Answer:

1080

Explanation:

Compound interest involves the reinvesting of interest.

The formula for compound interest is given by:

A=P(1+\frac{r}{n} )^{nt}

Where P is the principal (i.e the beginning balance),

r is the rate,

n is the number of times it is compounded,

t is the number of years

A is the ending balance.

Given that P = 1000, r = 8% = 0.08, t =1 years and it is compounded annually (i.e n = 1).

Substituting values into the formula and calculating gives:

A=P(1+\frac{r}{n} )^{nt}\\A=1000(1+\frac{0.08}{1} )^{1*1}\\A= 1000(1+0.08)=1000(1.08)\\A=1080

7 0
3 years ago
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