What is Probability of a type 1 error and the formula for Z test statistic?
The annual turnover rate of the 200-count bottle of aspirin follows the normal distribution with a mean of 6.0 and a standard deviation of 0.50. (This indicates that the stock of asprin turns over on the pharmacy shelves an average of 6 times per year.) It is suspected that the mean turnover has changed and is not 6.0. Use the .05 significance level.
A. What is the possibility of a type I error.
B. Give the formula for the test statistic.