Question

While acceptable risk of incorrect acceptance is always important, the risk of incorrect rejection is important only when there is a ___ cost to increasing the sample size?

1) high
2) low
3) no
4) unknown

Answer 1

2) Low

(ai generated)

Answer 2

The risk of incorrect rejection is important only when there is a high cost to increasing the sample size in statistics.

Step-by-step explanation:

The risk of incorrect rejection is important only when there is a high cost to increasing the sample size. When conducting hypothesis tests, there are two types of errors that can occur. A Type I error occurs when the null hypothesis is incorrectly rejected when it is actually true, and a Type II error occurs when the null hypothesis is not rejected when it is actually false.

In the context of this question, the risk of incorrect rejection refers to the probability of committing a Type I error. This risk is always important to consider in statistical analysis. However, the risk of incorrect rejection becomes more important when there is a high cost involved in increasing the sample size. This is because increasing the sample size can help reduce the risk of Type II error, which is the probability of not rejecting the null hypothesis when it is actually false.