Statistics : Statistics 2

1Running Head: STATISTICSStatisticsNameInstitutionHypotheses testNull Hypothesis: Both men and women value the product differently.2STATISTICSH0: = Value the product is differentlyAlternative Hypothesis: Men and women do not value the product differently. H1: Value theproduct differently. This is because the company needs to ensure that the willingness for men andwomen to pay is either similar or different and hence valuing the product differently. Thus thealternative hypothesis is two sided (Martyn, 2008).Type of ErrorsThe following are the two types of errors that are important as it helps in improving the design ofthe companys research study. This is because the hypotheses test are designed prior to datacollection. These are the types of error in this case:Type 1 error: Claim men and women are more likely to value the product differently in the marke ...


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