Three years ago, the mean price of an existing single-family home was $243761. 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 ii error. (a) state the hypotheses.

Answer with Step-by-step explanation:

Since we have given that

Mean price of an existing single family home = $243761

So, the hypothesis:

Type I error is a error in which null hypothesis is correct and actual but it gets rejected.

It means mean price is exactly $243761, but it is proved that mean price would be higher than $246761.

Type II error is a error in which null hypothesis is not correct but inspite of  that it gets accepted.

So, here, mean price is  higher than $243761 but it is proved by calculation that mean price is equal to $243761.

answer

false

explanation

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