Design a hypothesis test of whether or not the mean willingness to pay for the product is different for men and women.

A company is looking at the results of a marketing survey and trying to establish whether men and women value the product differently. They have data on the willingness to pay for the product for 50 men and 50 women.

  1. Design a hypothesis test of whether or not the mean willingness to pay for the product is different for men and women.
  2. Which, if any, is more important to minimize in this case, the type I or type II error? Why?
  3. How does the choice of the critical value affect the tradeoff between the type I and type II error?

Place a similar order with us or any form of academic custom essays related subject and it will be delivered within its deadline. All assignments are written from scratch based on the instructions which you will provide to ensure it is original and not plagiarized. Kindly use the calculator below to get your order cost; Do not hesitate to contact our support staff if you need any clarifications.

Type of paper Academic level Subject area
Number of pages Paper urgency Cost per page:
 Total:

Whatever level of paper you need – college, university, research paper, term paper or just a high school paper, you can safely place an order.