Three years ago, the mean price of an existing single-family home was $243,779. 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 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 $243,779, when the true mean price is less than $243,779.B. The broker fails to reject the hypothesis that the mean price is $243,779, when the true mean price is less than $243,779.C. The broker rejects the hypothesis that the mean price is $243,779, when it is the true mean cost.D. The broker fails to reject the hypothesis that the mean price is $243,779, when it is the true mean cost.(c) Which of the following is a Type Il error?O A. The broker fails to reject the hypothesis that the mean price is $243,779, when the true mean price is less than $243,779.B. The broker fails to reject the hypothesis that the mean price is $243,779, when it is the true mean cost.C. The broker rejects the hypothesis that the mean price is $243,779, when it is the true mean cost.D. The broker rejects the hypothesis that the mean price is $243,779, when the true mean price is less than $243,779.

Given that Mean price of an existing single family home was $243,779 Claim: A real estate broker…

Answered: Type I error. Type Il error.

Math

Statistics

Type I error. Type Il error.

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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Question

Three years ago, the mean price of an existing single-family home was $243,779. 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 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 $243,779, when the true mean price is less than $243,779.
B. The broker fails to reject the hypothesis that the mean price is $243,779, when the true mean price is less than $243,779.
C. The broker rejects the hypothesis that the mean price is $243,779, when it is the true mean cost.
D. The broker fails to reject the hypothesis that the mean price is $243,779, when it is the true mean cost.
(c) Which of the following is a Type Il error?
O A. The broker fails to reject the hypothesis that the mean price is $243,779, when the true mean price is less than $243,779.
B. The broker fails to reject the hypothesis that the mean price is $243,779, when it is the true mean cost.
C. The broker rejects the hypothesis that the mean price is $243,779, when it is the true mean cost.
D. The broker rejects the hypothesis that the mean price is $243,779, when the true mean price is less than $243,779.

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