SYM-506 | Hypothesis Testing With Single Samples

Module 6 DQ 1

Your mayor just announced that the local unemployment rate dropped last month from the prior month. It went from 10.5% to 10.4%. Is this a significant drop? Explain.
Module 6 DQ 2

Give an example of a situation in which you believe a Type I Error is more serious. Give an example of a situation in which you believe a Type II Error is more serious. In each case, why do you think so?