Explain the relationship between Type I error and Type II error in a hypothesis test
What will be an ideal response?
Ideally, we would like to have the probabilities of both types of errors be as small as possible. However, there is a trade-off between the probabilities of the two types of errors. Given a particular sample, any reduction in the probability of Type I error, ?, will result in an increase in the probability of Type II error, ?, and vice versa, although it is not a direct linear substitution.
You might also like to view...
A business settles a liability by making a payment with cash. How does paying this liability affect the accounting equation?
A) Assets decrease; liabilities decrease B) Liabilities decrease; stockholders' equity increases C) Assets increase; liabilities increase. D) Assets increase; liabilities decrease.
Which is expressed in the same units as the original data, the variance or the standard
deviation? What will be an ideal response?