**Problem 14: Hypothesis Testing on Home Prices**Three years ago, the mean price of an existing single-family home was $243,715. A real estate broker believes that existing home prices in her neighborhood are higher.**(a) Determine the null and alternative hypotheses.**- $ H_0: $ (1) ________ (2) ________ $ ________- $ H_1: $ (3) ________ (4) ________ $ ________(Type integers or decimals. Do not round.)**(b) Explain what it would mean to make a Type I error.**Which of the following is a Type I error?- ○ A. The broker rejects the hypothesis that the mean price is $243,715, when it is the true mean cost.- ○ B. The broker fails to reject the hypothesis that the mean price is $243,715, when the true mean price is greater than $243,715.- ○ C. The broker rejects the hypothesis that the mean price is $243,715, when the true mean price is greater than $243,715.- ○ D. The broker fails to reject the hypothesis that the mean price is $243,715, when it is the true mean cost.**(c) Explain what it would mean to make a Type II error.**Which of the following is a Type II error?- ○ A. The broker rejects the hypothesis that the mean price is $243,715, when it is the true mean cost.- ○ B. The broker rejects the hypothesis that the mean price is $243,715, when the true mean price is greater than $243,715.- ○ C. The broker fails to reject the hypothesis that the mean price is $243,715, when it is the true mean cost.- ○ D. The broker fails to reject the hypothesis that the mean price is $243,715, when the true mean price is greater than $243,715.

The type I error is defined as the rejecting the null hypothesis when actually it is true. The type…

Answered: . Three years ago, the mean price of an…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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