Homework Answers
let the mean price of homes is 
.
As the broker believes that the mean price in her neighbourhood is higher. So we have to test for this statement.
Accordingly, the null and alternate hypothesis would be:
Type 1 error is P(Reject Ho | Ho is true)
i.e. Reject 
when Ho is true.
D is the correct option.
Type II error = P(Fail to reject Ho | Ho is false)
i.e. fail to reject
when mean price is actually higher.
C is the correct option
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