Consider the following hypothesis. H0: average cost per stay in a large hospital is $6,200, and H1: average cost per stay is $5,600, to be tested at the 95 percent level of confidence. A sample of 120 records has been selected and assessed for cost. The standard deviation of the costs is $3,100

a. Is alpha known in principle? If yes, can its value be stated from the information given? If yes, what is alpha?

b. Is beta known in principle? If yes, can its value be stated from the information given? If yes, what is beta?

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a is the probability of rejecting the null hypothe... View the full answer