Question 9 Determine the null and alternative hypotheses b e

Question 9

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 $243,793. A real estate broker believes that the mean price has decreased since then.

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

a. H_0:

Solution

1) Null and alternative hypothesis: H_0: