Determine the null and alternative hypotheses b explain

Reference no: EM13605147

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 $243,705. A real estate broker believes that the mean price has decreased since then.

Which of the following is the hypothesis test to be conducted?

Ho: u = $243,705; Hi: u > $243,705

Ho: u = $243,705; Hi: u < $243,705

Ho: u = $243,705; Hi: u (does not equal) $243,705

(b) Which of the following is a type I error?

The broker fails to reject the hypothesis and the mean price is $243,705, when the true mean price is less than $243,705.

The broker rejects the hypothesis that the mean price is $243,705, when the true mean price is less than $243,705

The broker rejects the hypothesis that the mean price is $243,705, when it is the true mean cost

The broker rejects the hypothesis that the mean price is $243,705, when it is the true mean cost.

The broker fails to reject the hypothesis that the mean price is $243,705, when the true mean price is less than $243,705.

The broker fails to reject the hypothesis that the mean price is $243,705, when it is the true mean cost.

Reference no: EM13605147

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