Provide an Appropriate Response

question 21

Essay

Provide an appropriate response.
-Explain what is meant by partial payment. Why would a company accept a partial payment? Why would a customer make a partial payment?

---

Definitions:

Type I Error

The error that occurs when a null hypothesis is incorrectly rejected when it is actually true, often referred to as a "false positive."

Type II Error

The statistical mistake of failing to reject a false null hypothesis. It's also known as the error of accepting a false negative result.

Type I Error

Incorrectly refuting a correct null hypothesis, also labeled as a "false positive."

Null Hypothesis

A hypothesis stating there is no significant difference or effect, used as a starting point for statistical testing.