Three years ago, the mean price of an existing single-family home was $243, 733. A real estate broker believes that existing horme prices in her neighborhood are(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 |l error.O A. The broker rejects the hypothesis that the mean price is $243,733, when it is the true mean cost.O B. The broker fails to reject the hypothesis that the mean price is $243,733, when it is the true mean cost.O C. The broker rejects the hypothesis that the mean price is $243,733, when the true mean price is greater than $243,733.O D. The broker fails to reject the hypothesis that the mean price is $243,733, when the true mean price is greater than $243,733.(c) Which of the following is a Type Il error?O A. The broker fails to reject the hypothesis that the mean price is $243,733, when the true mean price is greater than $243,733.O B. The broker rejects the hypothesis that the mean price is $243,733, when the true mean price is greater than $243,733.O C. The broker fails to reject the hypothesis that the mean price is $243,733, when it is the true mean cost.O D. The broker rejects the hypothesis that the mean price is $243,733, when it is the true mean cost. Three years ago, the mean price of an existing single-family home was $243,733. 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 Il error.(a) State the hypotheses.Ho:H1:(Type integers or decimals. Do not round.)(b) Which of the following is a Type I error?O A. The broker rejects the hypothesis that the mean price is $243,733, when it is the true mean cost.O B. The broker fails to reject the hypothesis that the mean price is $243,733, when it is the true mean cost.OC. The broker rejects the hypothesis that the mean price is $243,733, when the true mean price is greater than $243,733.O D. The broker fails to reject the hypothesis that the mean price is $243,733, when the true mean price is greater than $243,733.esc

Test is that whether the mean price is greater than $243,733.

Answered: hree vears 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

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Solve quickly please
Fertilizer: A new type of fertilizer is being tested on a plot of land in an orange grove, to see whether it increases the amount of fruit produced. The mean number of pounds of fruit on this plot of land with the old fertilizer was 381 pounds. Agriculture scientists believe that the new fertilizer may increase the yield. State the appropriate null and alternate hypotheses. Answer the following question.
Your medical research team is investigating the mean cost of a 30-day supply of a certain heart medication. A pharmaceutical company thinks that the mean cost is less than $53. You want to support this claim. How would you write the null and alternative hypotheses? Ho I Ha COLOS Clear all Check answer
The mean price of mid-sized cars in a region is $57,600. A test is conducted to see if the claim is true. Identify the null hypothesis. ? v? v Identify the alternative hypothesis. ? v:?v| ? v Identify the type I error. O You decide that the mean price of mid-sized cars is not $57,600, when the mean price of mid- sized cars actually is $57,600. O You decide that the mean price of mid-sized cars is $57,600, when the mean price of mid- sized cars actually is not $57,600. O You decide that the mean price of mid-sized cars is not $57,600, when the mean price of mid- sized cars actually is nor $57,600. O You decide that the mean price of mid-sized cars is $57,600, when the mean price of mid- sized cars actually is $57,600. Identify the type II error. O You decide that the mean price of mid-sized cars is not $57,600, when the mean price of mid- sized cars actually is $57,600. O You decide that the mean price of mid-sized cars is $57,600, when the mean price of mid- sized cars actually is not…
For the given scenario, determine the type of error that was made if any.(begin by determining the null and alternative hypothesis). A new whitening toothpaste advertises for shades as the mean number of shades the toothpaste whitens your teeth. One user claims that the mean number of shades the toothpaste whitens your teeth is different from four shades. The user conducts a hypothesis test and fails to reject the null hypothesis. Assume that in reality, the mean number of shades the two piece white is your teeth is for shade. Was an error made? If so, what type? A, B, C? A.Yes; type 2 error B.Yes; type 1 error C.No; correct decision
State the conclusion based on the results of the test. According to the Federal Housing Finance Board, the mean price of a single-family home two years ago was $299,100. A real estate broker believes that because of the recent credit crunch, the mean price has increased since then. The null hypothesis is not rejected. Choose the correct answer below. O A. There is not sufficient evidence to conclude that the mean price of a single-family home has increased from its level two years ago of $299,100. O B. There is sufficient evidence to conclude that the mean price of a single-family home has decreased from its level two years ago of $299,100. C. There is sufficient evidence to conclude that the mean price of a single-family home has increased from its level two years ago of $299,100. O D. There is not sufficient evidence to conclude that the mean price of a single-family home has decreased from its level two years ago of $299,100.
A statistician changes her level of significance from .001 to .05. What impact will this change have on her risk of making a Type I and Type II error? Is the change in the level of significance a good decision? Why or why not?
The quality control department at Food Town Inc., a grocery chain in upstate New York, conducts a monthly check on the comparison of scanned prices to posted prices. The chart below summarizes the results of a sample of 500 items last month. Company management would like to know whether there is any relationship between error rates on regularly priced items and specially priced items. Undercharge Overcharge Correct price Regular Price Special Price 20 15 200 Click here for the Excel Data File Reject Ho if chi-square > 10 30 225 a. State the decision rule. Use the 0.01 significance level. (Round your answer to 2 decimal places.) Ho: There is no relationship between error rates and item type. H₁: There is a relationship between error rates and item type.

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS