According to creditcard , the mean outstanding credit card debt of college undergraduate was $3173 in 2010. A researcher believes that this amount has decreased since then. Required:
a. Determine the null and alternative hypotheses.
b. Explain what it would mean to make a Type I and Type Il error.

a. The null and alternative hypothesis can be written as:

b. A Type I error is made when a true null hypothesis is rejected. In this case, it would happen if it is concluded that the actual mean outstanding credit card debt of college undergraduate is significantly less than $3173, when in fact it does not.

A Type II error is made when a false null hypothesis is failed to be rejected. In this case, the actual mean outstanding credit card debt of college undergraduate is in fact less than $3173, but the test concludes there is no enough evidence to claim that.

Step-by-step explanation:

We have a prior study of the mean outstanding credit card debt of college undergraduate that states that it was $3173 in 2010.

A researcher believes that this amount has decreased since then.

Then, he has to perform a hypothesis test where the null hypothesis states that the mean is still $3173 and an alternative hypothesis that states that the actual credit card debt is significantly smaller than $3173.

The null and alternative hypothesis can be written as:

step-by-step explanation:

ok so im not 100% sure but you would start by adding 5.1t and 1.9t beacuse they have the same variable. that is 7t.   then add -3.6 + 1.2 which is -2.4

so then keep that as -2.4 + 7t. i apologize if this is incorrect. best luck on your test < 3