15 Three years ago, the mean price of an existing single-family home was $243,744. A real estate broker believes that existing home prices in her neighborhood are lower.(a) State the null and alternative hypotheses in words.(b) State the null and alternative hypotheses symbolically.(c) Explain what it would mean to make a Type I error.(d) Explain what it would mean to make a Type Il error......(a) State the null hypothesis in words. Choose the correct answer below.A. The mean price of a single family home in any neighborhood is $243,744.O B. The mean price of a single family home in the broker's neighborhood is $243,744.C. The mean price of a single family home in the broker's neighborhood is different from $243,744.D. The mean price of a single family home in the broker's neighborhood is less than $243,744.State the alternative hypothesis in words. Choose the correct answer below.O A. The mean price of a single family home in the broker's neighborhood is less than $243,744.B. The mean price of a single family home in the broker's neighborhood is $243,744.O C. The mean price of a single family home in the broker's neighborhood is different from $243,744.O D. The mean price of a single family home in any neighborhood is $243,744.(b) State the hypotheses symbolically.Ho:H1:(Type integers or decimals. Do not round.)(c) What would it mean to make a Type I error?The brokerthe hypothesis that the mean price iswhen the true mean price is(Type integers or decimals. Do not round.)(d) What would it mean to make a Type Il error?The brokerthe hypothesis that the mean price iswhen the true mean price is$(Type integers or decimals. Do not round.)%24

The type I error is defined as rejecting the null hypothesis when actually it is true. The type II error is defined as accepting the null hypothesis when alternative hypothesis is true. a) The null hypothesis is B. The mean price of a single family home in the broker's neighborhood is $243,744. And the alternative hypothesis is A. The mean price of a single family home in the broker's neighborhood is less than $243,744. b) The hypotheses can be written as H0 : μ = $243,744 H1 : μ < $243,744 c) The type I error is The broker rejects the hypothesis that the mean price is equal to $243,774 when the true mean price is equal to $243,774. d) The type II error is The broker accepts or fails to reject the hypothesis that the mean price is equal to $243,774 when the true mean price is less than $243,774.