Three years ago, the mean price of an existing single-family home was$243,771.A real estate broker believes that existing home prices in her neighborhood arelower.(a)Determine the null and alternative hypotheses.(b)Explain what it would mean to make a Type I error.(c)Explain what it would mean to make a Type II error.(a) State the hypotheses. H0:▼ ppmuμsigmaσ▼ greater than>equals=not equals≠less than<$nothingH1:▼ ppsigmaσmuμ▼ not equals≠greater than>less than<equals=$nothing(Type integers or decimals. Do not round.)

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Description: Three years ago, the mean price of an existing single-family home was$243,771.A real estate broker believes that existing home prices in her neighborhood arelower.(a)Determine the null and alternative hypotheses.(b)Explain what it would mean to

It is given that mean price of an existing single-family home was $243,771.

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Three years ago, the mean price of an existing single-family home was

$243,771.

A real estate broker believes that existing home prices in her neighborhood are

lower.

(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 II error.

(a) State the hypotheses.

H0:

▼

muμ

sigmaσ

▼

greater than>

equals=

not equals≠

less than<

$nothing

H1:

▼

sigmaσ

muμ

▼

not equals≠

greater than>

less than<

equals=

$nothing

(Type integers or decimals. Do not round.)

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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