Question

Three years​ ago, the mean price of an existing​ single-family home was ​$243,708. A real estate...

Three years​ ago, the mean price of an existing​ single-family home was

​$243,708.

A real estate broker believes that existing home prices in her neighborhood are

higherhigher.

​(a)

Determine the null and alternative hypotheses.

​(b)

Explain what it would mean to make a Type I error.

​(c)

Explain what it would mean to make a Type II error.

Homework Answers

Answer #1

a)

Null hypothesis;H0: mu=$243,708 i.e. ( mean price of single family home is $243,708

Vs

Alternative hypothesis;H1: mu>$243.708 i.e. ( mean price of single family is higher.

b) Type I error occurs when we are rejecting the true hypothesis.

If we reject that mean price of single family home is $243,708 inspite of the fact that mean price is actually$243,708 then we commit type I error.

c) Type II error means accepting false hypothesis.

If we accept H0 when H1 is trues i.e. we take mean as $243,708 instead of taking mean higher than$243,708 then we will commit type II error.

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