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K (a) Determine the null and alternative hypotheses, (b) explain what it would mean to make a type I error, and (c) explain what it would mean to make a type II error. Three years ago, the mean price of a single-family home was $243,757. A real estate broker believes that the mean price has decreased since then. (a) Which of the following is the hypothesis test to be conducted? O A. Ho: μ = $243,757; H₁: >$243,757 B. Ho: u=$243,757; H₁: μ< $243,757 OC. Ho: μ = $243,757; H₁: μ# $243,757 (b) Which of the following is a type I error? OA. The broker rejects the hypothesis that the mean price is $243,757, when the true mean price is less than $243,757. B. The broker fails to reject the hypothesis that the mean price is $243,757, when the true mean price is less than $243,757. OC. The broker rejects the hypothesis that the mean price is $243,757, 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 $243,757, when the true mean price is less than $243,757. OB. The broker rejects the hypothesis that the mean price is $243,757, when it is the true mean cost. C. The broker fails to reject the hypothesis that the mean price is $243,757, when it is the true mean cost.

K (a) Determine the null and alternative hypotheses, (b) explain what it would mean to make a type I error, and (c) explain what it would mean to make a type II error. Three years ago, the mean price of a single-family home was $243,757. A real estate broker believes that the mean price has decreased since then. (a) Which of the following is the hypothesis test to be conducted? O A. Ho: μ = $243,757; H₁: >$243,757 B. Ho: u=$243,757; H₁: μ< $243,757 OC. Ho: μ = $243,757; H₁: μ# $243,757 (b) Which of the following is a type I error? OA. The broker rejects the hypothesis that the mean price is $243,757, when the true mean price is less than $243,757. B. The broker fails to reject the hypothesis that the mean price is $243,757, when the true mean price is less than $243,757. OC. The broker rejects the hypothesis that the mean price is $243,757, 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 $243,757, when the true mean price is less than $243,757. OB. The broker rejects the hypothesis that the mean price is $243,757, when it is the true mean cost. C. The broker fails to reject the hypothesis that the mean price is $243,757, when it is the true mean cost.

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.CR: Chapter 12 Review
Problem 16CR
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K (a) Determine the null and alternative hypotheses, (b) explain what it would mean to make a type I error, and (c) explain what it would mean to make a type Il error. Three years ago, the mean price of a single-family home was $243,757. A real estate broker believes that the mean price has decreased since then. (a) Which of the following is the hypothesis test to be conducted? O A. Ho: μ = $243,757; H₁: >$243,757 B. Ho: u=$243,757; H₁: μ< $243,757 OC. Ho: μ = $243,757; H₁: μ# $243,757 (b) Which of the following is a type I error? OA. The broker rejects the hypothesis that the mean price is $243,757, when the true mean price is less than $243,757. B. The broker fails to reject the hypothesis that the mean price is $243,757, when the true mean price is less than $243,757. OC. The broker rejects the hypothesis that the mean price is $243,757, 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 $243,757, when the true mean price is less than $243,757. OB. The broker rejects the hypothesis that the mean price is $243,757, when it is the true mean cost. C. The broker fails to reject the hypothesis that the mean price is $243,757, when it is the true mean cost.
Transcribed Image Text:K (a) Determine the null and alternative hypotheses, (b) explain what it would mean to make a type I error, and (c) explain what it would mean to make a type Il error. Three years ago, the mean price of a single-family home was $243,757. A real estate broker believes that the mean price has decreased since then. (a) Which of the following is the hypothesis test to be conducted? O A. Ho: μ = $243,757; H₁: >$243,757 B. Ho: u=$243,757; H₁: μ< $243,757 OC. Ho: μ = $243,757; H₁: μ# $243,757 (b) Which of the following is a type I error? OA. The broker rejects the hypothesis that the mean price is $243,757, when the true mean price is less than $243,757. B. The broker fails to reject the hypothesis that the mean price is $243,757, when the true mean price is less than $243,757. OC. The broker rejects the hypothesis that the mean price is $243,757, 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 $243,757, when the true mean price is less than $243,757. OB. The broker rejects the hypothesis that the mean price is $243,757, when it is the true mean cost. C. The broker fails to reject the hypothesis that the mean price is $243,757, when it is the true mean cost.
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