(a) Determine the null and alternative hypotheses, (b) explain what it would mea
ID: 3225583 • Letter: #
Question
(a) Determine the null and alternative hypotheses, (b) explain what it would mean to make a type l error, and (c) explain what it would mean to make a type II error. Three years ago, the mean price of a single-family home was $243, 706. A real estate broker believes that the mean price has increased since then. (a) Which of the following is the hypothesis test to be conducted? A. H_0: mu = $243, 706; H_1: mu $243, 706 (b) Which of the following is a type I error? A. The broker rejects the hypothesis that the mean price is $243, 706, when it is the true mean cost. B. The broker fails to reject the hypothesis that the mean price is $243, 706, when the true mean price is greater than $243, 706. C. The broker rejects the hypothesis that the mean price is $5243, 706, when the true mean price is greater than $243, 706. (c) Which of the following is a type II error? A. The broker rejects the hypothesis that the mean price is $243, 706, when it is the true mean cost. B. The broker fails to reject the hypothesis that the mean price is $243, 706, when it is the true mean cost. C. The broker fails to reject the hypothesis that the mean price is $243, 706. when the true mean price is greater than $243, 706.Explanation / Answer
(a) Option C
(b) Option A
(c) Option C
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