Three years ago, the mean price of an existing single-family home was $243,715. A real estate broker believes that existing home prices in her neighborhood are lower.(a) State the null and altemative hypotheses in words.(b) State the null and alternative hypotheses symbolically.(c) Explain what it would mean to make a Type I error.(d) Explain what it would mean to make a Type lI error. Three years ago, the mean price of an existing single-family home was $243,715. A real estate broker believes that existing home prices in her neighborhood are lower.(a) State the null and alternative hypotheses in words.(b) State the null and alternative hypotheses symbolically.(c) Explain what it would mean to make a Type I error.(d) Explain what it would mean to make a Type Il error.(a) State the null hypothesis in words. Choose the correct answer below.O A. The mean price of a single family home in the broker's neighborhood is less than $243,715.OB. The mean price of a single family home in the broker's neighborhood is different from $243,715OC. The mean price of a single family home in the broker's neighborhood is $243,715O D. The mean price of a single family home in any neighborhood is $243,715.State the alternative hypothesis in words. Choose the correct answer below.OA. The mean price of a single family home in the broker's neighborhood is different from $243,715OB. The mean price of a single family home in the broker's neighborhood is $243,715.OC. The mean price of a single family home in the broker's neighborhood is less than $243,715.O D. The mean price of a single family home in any neighborhood is $243,715.OBi99+Rain off and on Three years ago, the mean price of an existing single-family home was $243,715. A real estate broker believes that existing home prices in her neighborhood are lower(a) State the null and alternative hypotheses in words.(b) State the null and alternative hypotheses symbolically.(c) Explain what it would mean to make a Type I error.(d) Explain what it would mean to make a Type II error.(b) State the hypotheses symbolically.Ho H = $243,715H₁ μ > $243,715(Type integers or decimals. Do not round.)(c) What would it mean to make a Type I error?The broker rejects the hypothesis that the mean price is(Type integers or decimals. Do not round.)(d) What would it mean to make a Type Il error?The broker fails to reject the hypothesis that the mean price is(Type integers or decimals. Do not round.)I99+equal toequal to$243,715, when the true mean price isequal to$243.715$243,715, when the true mean price is greater than $243,715Rain off and on

Answered: Three years ago, the mean price of an…

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter12: Probability

Section12.3: Conditional Probability; Independent Events; Bayes' Theorem

Problem 26E

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Three years ago, the mean price of an existing single-family home was $243,715. A real estate broker believes that existing home prices in her neighborhood are lower. (a) State the null and altemative hypotheses in words. (b) State the null and alternative hypotheses symbolically. (c) Explain what it would mean to make a Type I error. (d) Explain what it would mean to make a Type lI error.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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