According to creditcard.com, the mean outstanding credit-card debt of college undergraduates was $3173 in 2010. A researcher believes that this amount has decreased since then.
(a) Determine the null and alternative hypotheses,
(b) Explain what it would mean to make a Type I error,
(c) Explain what it would mean to make a Type II error,
(d) State the conclusion that would be reached if the null hypothesis is not rejected, and
(e) State the conclusion that would be reached if the null hypothesis is rejected.