Determine the null and alternative hypotheses, (b) explain what it would mean to

Question

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 ll error. Three years ago, the mean price of a single-family home was $243, 763. 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, 763: H_1: mu $243, 763 Which of the following is a type I error? A. The broker fails to reject the hypothesis that the mean price is $243, 763, when the true mean price is greater than $243, 763 B. The broker rejects the hypothesis that the mean price is $243, 763, when the true mean price is greater than $243, 763 C. The broker rejects the hypothesis that the mean price is $243, 763, when it is the true mean cost. Which of the following is a type ll error? A. The broker fails to reject the hypothesis that the mean price is $243, 763, when it is the true mean cost. B. The broker fails to reject the hypothesis that the mean price is $243, 763, when the true mean price is greater than $243, 763. C. The broker rejects the hypothesis that the mean price is $243.763, when it is the true mean cost.

Explanation / Answer

Solution:-
a) option C. Ho: u = $243,763; Hi: u > $243,763

b) option C. The broker rejects the hypothesis that the mean price is $243,763,when it is true mean cost.

c) option B. The broker fails to reject the hypothesis that the mean price is $243,763,when it is the true mean price is greater than $243,763

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