Calculate the probability of a type ii error

Assignment Help Business Management
Reference no: EM132863156

The crisis in the real estate market caused the listing prices of homes in certain areas to fall from previous years. A real estate office would like to sample 48 new listings randomly to test the hypothesis that the current listing price average is less than ?$243,000?, the average in the previous year. Assume the standard deviation for the price of homes in this market is ?$46,000.

A Type I error can occur if the average listing price is above or equal to $243,000 and the null hypothesis is rejected. A Type II error can occur if the average listing price is below ?$243,000 and the null hypothesis is not rejected.

b. Using α=0.10?, calculate the probability of a Type II error occurring if the actual average listing is ?$225,000.

The probability of committing a Type II error is ?

?(Round to three decimal places as? needed.)

Reference no: EM132863156

Questions Cloud

What terrorist group do believe is the greatest threat : What argument can be made that combining terrorism and other transnational crime (such as drugs and human trafficking) units together will be more effective
Employees operate at a high ethical standard : -If you were the CEO of a company, how would you ensure employees operate at a high ethical standard?
How effective is the visualization : How effective is the visualization? Why? What elements would you modify?
Conflict of interest between hr offices and employees : Discuss the inherent conflict of interest between HR offices and employees. Recommend ways to solve this conflict.
Calculate the probability of a type ii error : Using a=0.10?, calculate the probability of a Type II error occurring if the actual average listing is ?$225,000.
Discuss a criminal justice topic requesting instructor : Discuss a criminal justice, intelligence studies, international relations or security management topic requesting instructor approval of the topic
Discuss the effects of terrorism on the domestic communities : Discuss the effects of terrorism on the domestic and global communities. Select three specific terrorist attacks that have occurred against the United States.
Would argue that the political origin of terrorist attacks : Would argue that the political origin of terrorist attacks (state-sponsored vs. non-state-sponsored) alters the effects on the domestic and global communities.
Attack detection from real intrusion dataset : Implement three multi-classifiers to identify attack and normal behaviour from the UNSW-NB15 intrusion dataset. You are required to read the data from training

Reviews

Write a Review

Business Management Questions & Answers

  Caselet on michael porter’s value chain management

The assignment in management is a two part assignment dealing 1.Theory of function of management. 2. Operations and Controlling.

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. Due to increase in the preference for light beer drinkers, Chris Prangel wants to introduce light beer version in Mountain Man. An analysis into the la..

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. An analysis into the launch of Mountain Man Light over the present Mountain Man Lager.

  Analysis of the case using the doing ethics technique

Analysis of the case using the Doing Ethics Technique (DET). Analysis of the ethical issue(s) from the perspective of an ICT professional, using the ACS Code of  Conduct and properly relating clauses from the ACS Code of Conduct to the ethical issue.

  Affiliations and partnerships

Affiliations and partnerships are frequently used to reach a larger local audience? Which options stand to avail for the Hotel manager and what problems do these pose.

  Innovation-friendly regulations

What influence (if any) can organizations exercise to encourage ‘innovation-friendly' regulations?

  Effect of regional and corporate cultural issues

Present your findings as a group powerpoint with an audio file. In addition individually write up your own conclusions as to the effects of regional cultural issues on the corporate organisational culture of this multinational company as it conducts ..

  Structure of business plan

This assignment shows a structure of business plan. The task is to write a business plane about a Diet Shop.

  Identify the purposes of different types of organisations

Identify the purposes of different types of organisations.

  Entrepreneur case study for analysis

Entrepreneur Case Study for Analysis. Analyze Robin Wolaner's suitability to be an entrepreneur

  Forecasting and business analysis

This problem requires you to apply your cross-sectional analysis skills to a real cross-sectional data set with the goal of answering a specific research question.

  Educational instructional leadership

Prepare a major handout on the key principles of instructional leadership

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd