Please explain how to answer the two questions in the attached file. I have to show my work using excel functions.
1. If you use a 0.10 level of significance in a (two-tail) hypothesis test, what is your decision rule for rejecting a null hypothesis that the population meanis 500 if you use the Z test?
2. Do students at your school study more, less, or about the same as at other businessschools? Business Week reported that at the top 50 business schools, students studied an average of 14.6 hours (dataextracted from “Cracking the Books,” SPECIAL REPORT/Online Extra, www.businessweek.com, March 19, 2007). Set up a hypothesis test to try to prove that the mean number of hours studied at your school is different from the 14.6 hour benchmark reported by Business Week.
a. State the null and alternative hypotheses.
b. What is a Type I errorfor your test?
c. What is a Type II errorfor your test?
The solution gives detailed steps on calculating the z value for the data of normal distribution and type 1 and type 2 errors when performing hypothesis testing.