just part c thank you! Three years ago, the mean price of an existing single-family home was $243,765. 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. $ 243765H1: H(Type integers or decimals. Do not round.)(b) Which of the following is a Type I error?A. The broker rejects the hypothesis that the mean price is $243,765, when it is the true mean cost.O B. The broker fails to reject the hypothesis that the mean price is $243,765, when the true mean price is greater than $243,765.O C. The broker fails to reject the hypothesis that the mean price is $243,765, when it is the true mean cost.O D. The broker rejects the hypothesis that the mean price is $243,765, when the true mean price is greater than $243,765.(c) Which of the following is a Type Il error?O A. The broker fails to reject the hypothesis that the mean price is $243,765, when the true mean price is greater than $243,765.O B. The broker rejects the hypothesis that the mean price is $243,765, when it is the true mean cost.O C. The broker rejects the hypothesis that the mean price is $243,765, when the true mean price is greater than $243,765.O D. The broker fails to reject the hypothesis that the mean price is $243,765, when it is the true mean cost.

Name: just part c thank you! Three years ago, the mean price of an existing
Uploaded: 2024-03-20T07:07:37.000Z
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Description: just part c thank you! Three years ago, the mean price of an existing single-family home was $243,765. A real estate broker believes that existing home prices in her neighborhood are higher.(a) Determine the null and alternative hypotheses.(b) Explai

Question

just part c thank you! Three years ago, the mean price of an existing single-family home was $243,765. 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.> $ 243765H1: H(Type integers or decimals. Do not round.)(b) Which of the following is a Type I error?A. The broker rejects the hypothesis that the mean price is $243,765, when it is the true mean cost.O B. The broker fails to reject the hypothesis that the mean price is $243,765, when the true mean price is greater than $243,765.O C. The broker fails to reject the hypothesis that the mean price is $243,765, when it is the true mean cost.O D. The broker rejects the hypothesis that the mean price is $243,765, when the true mean price is greater than $243,765.(c) Which of the following is a Type Il error?O A. The broker fails to reject the hypothesis that the mean price is $243,765, when the true mean price is greater than $243,765.O B. The broker rejects the hypothesis that the mean price is $243,765, when it is the true mean cost.O C. The broker rejects the hypothesis that the mean price is $243,765, when the true mean price is greater than $243,765.O D. The broker fails to reject the hypothesis that the mean price is $243,765, when it is the true mean cost.

Accepted Answer

In hypothesis testing, a Type II error is not rejecting the null hypothesis (Ho) when it is actually…