Question 2 In 2007 the US Census Bureau reported that 71.3% of American families owned their homes. The city council is debating on whether to offer tax breaks to first-time homebuyers, but they only want to do so if there is strong evidence that the rate of homeownership has increased since 2007 since it will cost the city money to do so. a) What are the null and alternative hypothesis? Null hypothesis: The rate of homeownership is the same since 2007. Proportion=0.713 b) Describe a Type I error in context along with the consequence. Type I error is that the rate of homeownership is not 0.713 when it is actually 0.713 c) Describe a Type II error in context along with the consequence. Type Il error is that the rate of homeownership is 0.713 when it is actually greater than 0.713 d) Which is a more serious error in this context? Justify your answer e) For each type of error, tell who would be harmed.

Question 2 In 2007 the US Census Bureau reported that 71.3% of American families owned their homes. The city council is debating on whether to offer tax breaks to first-time homebuyers, but they only want to do so if there is strong evidence that the rate of homeownership has increased since 2007 since it will cost the city money to do so. a) What are the null and alternative hypothesis? Null hypothesis: The rate of homeownership is the same since 2007. Proportion=0.713 b) Describe a Type I error in context along with the consequence. Type I error is that the rate of homeownership is not 0.713 when it is actually 0.713 c) Describe a Type II error in context along with the consequence. Type Il error is that the rate of homeownership is 0.713 when it is actually greater than 0.713 d) Which is a more serious error in this context? Justify your answer e) For each type of error, tell who would be harmed.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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