Three years ago, the mean price of an existing single-family home was $243 comma 743. 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.
Homework Answers
a)
Null Hypothesis: H0: mu = 243,743
Alternate Hypothesis: Ha: mu > 243,743
b)
Type I error occurs when one incorrectly rejects the null hypothesis
In this case type I error will occurs if we incorrectly conclude that the existing home prices are higher than $243743
c)
Type II error occurs when one incorrect fails to reject the null hypothesis
In this case type II error will occur if we incorrectly conclude that the existing home prices are not higher than $243743
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