Three years ago, the mean price of an existing single-family home was $243,785. A real estate...
Three years ago, the mean price of an existing single-family home was $243,785. 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.
(a) State the hypotheses.
H0:
▼
μ
p
σ
▼
=
≠
<
>
$__?__
H1:
▼
σ
μ
p
▼
≠
>
<
=
$__?__
(Type integers or decimals. Do not round.)
Homework Answers
a)
Ho:µ=243785
H1:µ>243785
b)
type I error is rejecting Ho, when it is true
Type I error is concluding that existing home prices in her
neighborhood are higher when in actual it is 243,785
c)
type II error is fail to reject false null hypothesis
Type II error is concluding that mean price of an existing
single-family home was $243,785 when in actual existing home
prices in her neighborhood are higher.
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