According to creditcard , the mean outstanding credit card debt of college undergraduate was $3173 in 2010. A researcher believes that this amount has decreased since then. Required:
a. Determine the null and alternative hypotheses.
b. Explain what it would mean to make a Type I and Type Il error.

a. The null and alternative hypothesis can be written as:

b. A Type I error is made when a true null hypothesis is rejected. In this case, it would happen if it is concluded that the actual mean outstanding credit card debt of college undergraduate is significantly less than $3173, when in fact it does not.

A Type II error is made when a false null hypothesis is failed to be rejected. In this case, the actual mean outstanding credit card debt of college undergraduate is in fact less than $3173, but the test concludes there is no enough evidence to claim that.

Step-by-step explanation:

We have a prior study of the mean outstanding credit card debt of college undergraduate that states that it was $3173 in 2010.

A researcher believes that this amount has decreased since then.

Then, he has to perform a hypothesis test where the null hypothesis states that the mean is still $3173 and an alternative hypothesis that states that the actual credit card debt is significantly smaller than $3173.

The null and alternative hypothesis can be written as:

the best buy, is the 4- kilogram bag of lollipops for $18.40.

step-by-step explanation:

i found my answer by dividing the cost of each bag by their respective weights.

14.88 divided by 2 = 7.44

17.29 divided by 3 = 5.77

18.4 divided by 4 = 4.6

24.4 divided by 5 = 4.88

by this, i found that the 4 kilo bag is the best buy.