Question

Three years​ ago, the mean price of an existing​ single-family home was ​$243 comma 766. A real estate broker believes that existing home prices in her neighborhood are higher. ​(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.

Answer 1

Answer:

a) Null and alternative hypotheses:

Ho:

Ha:

b) Type I error is the probability of rejecting the true null hypothesis. Hence in this case, it will be:

Conclude that the mean price of an existing​ single-family home is greater than 243766 whereas in actual, it is not.

c) Type II error is the probability of not rejecting the false null hypothesis. Hence in this case, it will be:

Conclude that the mean price of an existing​ single-family home is not greater than 243766 whereas in actual, it is.

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