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
Three years ago, the mean price of an existing single-Family home was $243 737. A real...
Question 3 4 pts 3a1bd5c 5a0-85b Three years ago, the mean price of an existing single-family home was $243,786. A real estate broker believes that existing home prices in her neighborhood are lower. Explain what it would mean to make a Type Il error. 1. The broker fails to reject the hypothesis that the mean price is $243,786, when true mean price is less than $243,786. 2. The broker rejects the hypothesis that the mean price is $243,786, when it...
Three years ago, the mean price of an existing single-family home was $243, 718. A real estate broker believes that existing home prices in her neighborhood are lower. (a) Determine the null and alternative hypotheses. (b) Explain what it would mean to make a Type I error. (c) Explain what it would mean to make a Type II error.
Three years ago, the mean price of an existing single-family home was $243 comma 724. A real estate broker believes that existing home prices in her neighborhood are higher. (a) Determine the null and alternative hypotheses. (b) Explain what it would mean to make a Type I error. (c) Explain what it would mean to make a Type II error.
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