For the Following Hypothesis Test,where H₀: μ ≤ 10;vs

question 45

Multiple Choice

For the following hypothesis test,where H₀: μ ≤ 10;vs.H_A: μ > 10,we reject H₀ at level of significance α and conclude that the true mean is greater than 10,when the true mean is really 8.Based on this information,we can state that we have

• A) made a Type I error.
• B) made a Type II error.
• C) made a correct decision.
• D) increased the power of the test.

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Definitions:

Total Revenue

The gross revenue from selling products or services before deducting any costs.

Fixed Cost

Expenditures that do not change with the level of production or sales, such as rent, salaries, and insurance.

Total Cost

the complete cost of production including both fixed and variable costs.

Maximize Profit

A strategy or goal where a firm seeks to achieve the highest possible profit through its operations and decision-making.