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 $243.775. 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: mu = $243,775: H_1: mu $243,775 Which of the following is a type I error? The broker rejects the hypothesis that the mean price is $243,775, when it is the true mean cost. The broker fails to reject the hypothesis that the mean price is $243,775, when the true mean price is less than $243,775. The broker rejects the hypothesis that the mean price is $243,775, when the true mean price is less than $243,775 Which of the following is a type II error? The broker fails to reject the hypothesis that the mean price is $243,775, when it is the true mean cost. The broker fails to reject the hypothesis that the mean price is $243,775, when the true mean price is less than $243,775. The broker rejects the hypothesis that the mean price is $243,775, when it is the true mean cost.

Explanation / Answer

A) AS THE REAL ESTATE BROKE BELIEVE THAT THE SALARY HAS DECREASED

THEREFORE THE NULL HYPOTHESIS = Ho= u = 243775

the alternate hypothesis = Ha = u<243775.

therefore option A is corect

b) the type one error occurs when we incorrectly reject the true null hyothesis

therefore the option A is correct

c) type 2 error when we fail to reject the false null hypothesis

therefore option B is correct

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