Explain the relationship between a type i error

Reference no: EM131384482

1. Explain the relationship between a type I error, power, degree of difference that one wishes to detect in a parameter value, and sample size. How can a type I error be reduced and the power be increased for a given difference in the parameter?

2. Explain type I and type II errors in the context of sampling from customers' accounts to identify billing errors in a large retail store. What are the associated costs of these two types of errors?

Reference no: EM131384482

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