Determine the null and alternative hypotheses, explain what it would mean to mak

Question

Determine the null and alternative hypotheses, explain what it would mean to make a type I error and explain what it would mean to make a type II error. Three years ago, the mean price of a single-family home was $243,771. A real estate broker believes that the mean price has decreased since then. Which of the following is the hypothesis test to be conducted? H_ 0 mue $243,771; H_ 1: mue greater than $ 243, 771 H_ 0 mue $243,771; H_ 1: mue greater than $ 243, 771 H_ 0 mue $243,771; H_ 1 mue greater than $ 243, 771, Which of the following is a type I error? the broker rejects the hypothesis that the mean price is $243,771, when the true mean price is less than $243,771. the broker rejects the hypothesis that the mean price is $243,771, when it is the true mean cost. the broker fails to reject the hypothesis that the mean price is $243,771, when the true mean price is less than $243,771. Which of the following is a type II error? the broker fails to reject the hypothesis that the mean price is $243,771, when the true mean price is less than $243,771. the broker fails to reject the hypothesis that the mean price is $243,771, when it is the true mean cost. the broker rejects the hypothesis that the mean price is $243,771, when it is the true mean cost.

Explanation / Answer

a) option B

b) option B

c) option A

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