Answer on Statistics and Probability Question for Dani
A city council has developed a plan to encourage more consumers to shop downtown. Part of the plan includes building a public parking garage in the heart of the city, the cost of which will be paid for by parking fees. The consultant who helped the city structure the plan predicted that parking revenues would average $160 per day. After the garage was constructed, the average daily fees collected during a two-month period (60 days) were $152, with a standard deviation of $21. Does it appear that the garage revenues are sufficient to meet the consultant's prediction? Use an appropriate hypothesis test at the 0.01 significance level to answer this question. Be sure to include all necessary information for a complete inference analysis.
Part B: Based on Part A, describe a Type I error for this setting and determine the probability of a Type I error.
Part C: Based on Part A, describe a Type II error for this setting. Explain how you could reduce the probability of a Type I error.
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