1.What are some terms related to hypothesis testing with which you are already familiar? Why do null and alternative hypotheses have to be mutually exclusive?
2.Why does the significance level differ among industries? Will the null hypothesis be more likely to be rejected at α = 0.01 than α = 0.10? As the significance level increases to α = 0.10 from α = 0.01, which type error is more likely to occur? What can be done to reduce the likelihood of incurring this error?
3.Please explain the five steps used in hypothesis testing. How does the five-step procedure for hypothesis testing differ when comparing two groups using a t- or z-test? How is the process similar?
4.Please explain terms related to hypothesis testing; please explain null and alternate hypotheses, explain the difference between two different test statistics, then define the equations used in both. Why do null and alternative hypotheses have to be mutually exclusive?