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 I 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, 717. 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, 717: H_1: mu $243, 717 (b) Which of the following is a type I error? A. The broker rejects the hypothesis that the mean price is $243, 717, when the true mean price is greater than $243, 717. B. The broker fails to reject the hypothesis that the mean price is 5243, 717, when the true mean price is greater than $243, 717. C. The broker rejects the hypothesis that the mean price is $243, 717, when it is the true mean cost. (c) Which of the following is a type II error? A. The broker falls to reject the hypothesis that the mean price is $243, 717, when it is the true mean cost. B. The broker rejects the hypothesis that the mean price is $243, 717, when it is the true mean cost. C. The broker falls to reject the hypothesis that the mean price is $243, 717, when the true mean price is greater than $243, 717.

Explanation / Answer

a)hypothesis: option C is correct.

b)

option C is correct

c)

option C is correct.

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