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.
a) Null and alternative hypotheses:
Ho:
Ha:
b) Type I error is the probability of rejecting the true null hypothesis. Hence in this case, it will be:
Conclude that the mean price of an existing single-family home is greater than 243724 whereas in actual, it is not.
c) Type II error is the probability of not rejecting the false null hypothesis. Hence in this case, it will be:
Conclude that the mean price of an existing single-family home is not greater than 243724 whereas in actual, it is.
Three years ago, the mean price of an existing single-family home was $243 comma 724. A...
Three years ago, the mean price of an existing single-family home was $243 comma 743. 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.
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.
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Three years ago, the mean price of an existing single-Family home was $243 737. 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 1 error (c) Explain what it would mean to make a type of error (a) State the hypotheses. Но S (Type integers or decimals. Do not round.) (b) Which of the following is a Type...
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Homework: 4-2 MyStatLab: Module Four Problem Set Save Score: 0 of 3 pts 3 of 15 (2 complete) HW Score: 9.23%, 6 of 65 pts 10.1.17 Question Help Three years ago, the mean price of an existing single-family home was $243,768. 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...
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Suppose the null hypothesis is rejectedrejected. State the conclusion based on the results of the test.Three years ago, the mean price of a single-family home was $243 comma 704243,704. A real estate broker believes that the mean price has increasedincreased since then. Which of the following is the correct conclusion? A.There is notis not sufficient evidence to conclude that the mean price of a single-family home has increasedincreased. B.There isis sufficient evidence to conclude that the mean price of a...