Question

(a) Desem ne the nut and anernaive bypoteses, b) explain what it woukd mean to make a t pe l error and (c) ertain what it would mean to make a type II en Three years ago the mean price of a single-tamily home was $243,743. A real estate broker believes that the mean price has decreased since then (a) Which of the tollowing is the hypothesis test to be conducted? OA. Ho -$243,743,H H<$243,743 ??, ?? ?.$243,743. Hip>$243,743 ??, ??»-$243,743. H1 ?#8243,743 b) Which of the following is a type I enor O A. The broker rejects the hypothesis that the mean price is $243,743 wen it s the true mean cost ? B. The broker tais to rged te hypothess that the mean proe is S243,743 when the rue mean prce is less than S243 743 O C. The broker rejects the hypothes that e mean pice is $243,743,when th tue mean price is less Ihan $243,743

Answer 1

OtAns-a Ho:U 243.743 Vs H1: 243.743 b The broker reject the null hypothesis hat the meab price is 243.143 Whenit is truc mcan cost Abs-a 9 Tht brakey foils to reject the hypothesis that the o reie mean priteis 243.743 Whtni i true meanis Less than 243.743 Ans-a