11. (15 pts) Light bulbs of a certain type are advertised as having an average lifetime of 750 hours. The price of these

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11 15 Pts Light Bulbs Of A Certain Type Are Advertised As Having An Average Lifetime Of 750 Hours The Price Of These 1 (77.56 KiB) Viewed 66 times

11. (15 pts) Light bulbs of a certain type are advertised as having an average lifetime of 750 hours. The price of these bulbs is very favorable, so a potential customer has decided to go ahead with a purchase arrangement unless it can be conclusively demonstrated that the true average lifetime is smaller than what is advertised. A random sample of 50 bulbs was selected, the lifetime of each bulb determined, and the appropriate hypotheses were tested resulting in the accompanying output. Variable Lifetime n 50 Mean 738.44 StDev 38.20 SE Mean 5.40 t-stat p-value -2.14 0.019 What are the appropriate hypotheses in this situation? What is a Type I Error in general? What are the consequences of Type I Error in this particular situation? What is a Type II Error in general? What are the consequences of Type II Error in this particular situation? What conclusion would be appropriate for a significance level of 0.05? What conclusion would be appropriate for a significance level of 0.01?