Discuss the following questions. Each answer should be 180 – 200 words.Your mayor just announced that the local unemployment rate dropped last month from the prior month. It went from 10.5% to 10.4%. Is this a significant drop? Explain.Give an example of a situation in which you believe a Type I Error is more serious than a Type II Error. Give an example of a situation in which you believe a Type II Error is more serious than a Type I Error. In each case, why do you think so?What does the p-value tell the business statistician, especially in terms of the normal curve? If the p-value is smaller than the level of significance, what does that mean in terms of the null hypothesis? Why?Describe the differences between discrete and continuous (normal) probability distributions. What are some business-related examples that make use of discrete and continuous (normal) probability distributions?If a normal distribution has a small standard deviation as compared to the mean, what will be its shape? If the distribution has a large standard deviation as compared to the mean, what will be its shape? What does this tell you? Why is this important? Provide some examples.

The Richter scale is used for measuring the magnitude of an earthquake. The Richter magnitude R is given by the model below, where E is the energy (in kilowatt-hours) released by the earthquake. R = 0.67 log (0.37E) + 1.46 Suppose an earthquake releases 14,500,000,000 kilowatt-hours of  energy. What is the earthquake’s magnitude? Round to three decimal places.   A. 4.400 B. 3.979 C. 8.268 D. 7.979