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The dean of a business college in the Midwest claims that he can correctly identify whether a student is a finance major or a music industry management major by the way the student dresses.Suppose in actuality that he can correctly identify finance majors 84% of the time,while 16% of the time he mistakenly identifies a music industry management major as a finance major.Presented with one student and asked to identify the major of this student (who is either a finance or music industry management major) ,the dean considers this to be a hypothesis test with the null hypothesis being that the student is a finance major and the alternative that the student is a music industry management major.
-The manufacturer of bags of cement claims that they fill each bag with at least 50.1 pounds of cement.Assume that the standard deviation for the amount in each bag is 1.2 pounds.The decision rule is adopted to shut down the filling machine if the sample mean weight for a sample of 40 bags is below 49.7.What is the probability of a Type I error?


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Unwind

The process of relaxing or de-stressing, often by engaging in leisurely activities or taking a break from routine tasks and responsibilities.

Global Village

A term that describes the world as being interconnected through technology, making distances shorter and communication instant.

Coined

The creation of a new word, phrase, or concept, or giving a new meaning to an existing word or phrase.

Technological Revolution

A significant period of technological change and innovation that transforms industries, societies, and economies.

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