Hypothesis. An insurance company launches a new policy and test the rate of purchasing for this new

Question:

Hypothesis. An insurance company launches a new policy and test the rate of purchasing for this new policy on a group of randomly selected recent insureds with the alternative hypothesis of the rate being not equal to 50%

using a = 0.05. Would the insurance company have made the same decision with the alternative hypothesis of the rate being more than 50% using a = 0.05? How about with the alternative hypothesis of the rate being less than 50% using a = 0.05? Explain.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Business Statistics

ISBN: 9781292269313

4th Global Edition

Authors: Norean Sharpe, Richard De Veaux, Paul Velleman

Question Posted: