Three years ago, the mean price of an existing single-family home was $243,750. A real estate broker believes that existing home prices in her neighborhood are highe. (a) Determine the null and alternative hypotheses. (b) Explain what it would mean to make a Type I error. Question Help (c) Explain what it would mean to make a Type II error. (a) State the hypotheses. Но Hq: (Type integers or decimals. Do not round.) 2$4 (b) Which of the following is a Type I error? A. The broker rejects the hypothesis that the mean price is $243,750, when the true mean price is greater than $243,750. B. The broker fails to reject the hypothesis that the mean price is $243,750, when it is the true mean cost. OC. The broker fails to reject the hypothesis that the mean price is $243,750, when the true mean price is greater than $243,750. O D. The broker rejects the hypothesis that the mean price is $243,750, when it is the true mean cost. Click to select your answer(s). 1:00 PM P Type here to search 19 12/13/2019 SUS 12 pause break defete f11 prt sc f10 insert f9 f8 f7 fó f5 f4 f3 f2 f1 busks esc backs 24 6. 8 6. 4 R. tab %23 2. %24 %23 %24 6) Three years ago, the mean price of an existing single-family home was $243,750. 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. O A. The broker rejects the hypothesis that the mean price is $243,750, when the true mean price is greater than $243,750. B. The broker fails to reject the hypothesis that the mean price is $243,750, when it is the true mean cost. C. The broker fails to reject the hypothesis that the mean price is $243,750, when the true mean price is greater than $243,750. D. The broker rejects the hypothesis that the mean price is $243,750, when it is the true mean cost. (c) Which of the following is a Type II error? A. The broker fails to reject the hypothesis that the mean price is $243,750, when the true mean price is greater than $243,750. B. The broker fails to reject the hypothesis that the mean price is $243,750, when it is the true mean cost. C. The broker rejects the hypothesis that the mean price is $243,750, when it is the true mean cost. D. The broker rejects the hypothesis that the mean price is $243,750, when the true mean price is greater than $243,750. Click to select your answer(s). P Type here to search SUS (12 pause break 10 11 f2 13 f4 f5 f6 [X esc & 9.