A Casper area realtor claims that her clients buy homes for an average of over $5000...
A Casper area realtor claims that her clients buy homes for an average of over $5000 below the asking price. Looking at a sample of 40 of her previous home sales, you see that her clients paid an average of $5717 below the asking price, with a standard deviation of $2312. You want to conduct a hypothesis test to determine if that is enough evidence to support her claim at the 0.05 significance level.
What is the probability that we support the realtor's claim when it is actually false?
Homework Answers
Null hypothesis H0: 
= 5000
Alternate hypothesus H1:
> 5000 ( claim)
Alpha,
= 0.05
Probability that we support the realtor's claim when it is actually false
= P( Accepting H1 when it is actually false)
= P( Reject H0 when it is true)
=
=0.05
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