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Three years ago, the mean price of an existing single-family home was $243,761. 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 $243,761 OB. The mean price of a single family home in the broker's neighborhood is different from $243,761. OC. The mean price of a single family home in the broker's neighborhood is less than $243,761. O D. The mean price of a single family home in any neighborhood is $243.761

Three years ago, the mean price of an existing single-family home was $243,761. 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 $243,761 OB. The mean price of a single family home in the broker's neighborhood is different from $243,761. OC. The mean price of a single family home in the broker's neighborhood is less than $243,761. O D. The mean price of a single family home in any neighborhood is $243.761

Calculus For The Life Sciences
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 $243,761. 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 $243,761 OB. The mean price of a single family home in the broker's neighborhood is different from $243,761. O C. The mean price of a single family home in the broker's neighborhood is less than $243,761. O D. The mean price of a single family home in any neighborhood is $243,761.
Transcribed Image Text:Three years ago, the mean price of an existing single-family home was $243,761. 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 $243,761 OB. The mean price of a single family home in the broker's neighborhood is different from $243,761. O C. The mean price of a single family home in the broker's neighborhood is less than $243,761. O D. The mean price of a single family home in any neighborhood is $243,761.
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(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 (Type integers or decimals. Do not round.) the hypothesis that the mean price is equal to $243,761, when the true mean price is 4 $, when the true mean price is equal to $243,761 $0. S
Transcribed Image Text:(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 (Type integers or decimals. Do not round.) the hypothesis that the mean price is equal to $243,761, when the true mean price is 4 $, when the true mean price is equal to $243,761 $0. S
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(b) State the Ho H₁: " (Type intege (c) What wc rejects fails to reject und.) pe I error? The broker (Type integers or decimals. Do not round.) the hypothesis that the mean price is when the true mean price is $0
Transcribed Image Text:(b) State the Ho H₁: " (Type intege (c) What wc rejects fails to reject und.) pe I error? The broker (Type integers or decimals. Do not round.) the hypothesis that the mean price is when the true mean price is $0
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Follow-up Question
Three years ago, the mean price of an existing single-family home was $243,761 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. A. The mean price of a single family home in the broker's neighborhood is $243,761. B. The mean price of a single family home in the broker's neighborhood is different from $243,761. OC. The mean price of a single family home in the broker's neighborhood is less than $243,761. OD. The mean price of a single family home in any neighborhood is $243,761. State the alternative hypothesis in words. Choose the correct answer below. O A. The mean price of a single family home in the broker's neighborhood is different from $243,761. OB. The mean price of a single family home in any neighborhood is $243,761. OC. The mean price of a single family home in the broker's neighborhood is less than $243,761. OD. The mean price of a single family home in the broker's neighborhood is $243,761. C
Transcribed Image Text:Three years ago, the mean price of an existing single-family home was $243,761 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. A. The mean price of a single family home in the broker's neighborhood is $243,761. B. The mean price of a single family home in the broker's neighborhood is different from $243,761. OC. The mean price of a single family home in the broker's neighborhood is less than $243,761. OD. The mean price of a single family home in any neighborhood is $243,761. State the alternative hypothesis in words. Choose the correct answer below. O A. The mean price of a single family home in the broker's neighborhood is different from $243,761. OB. The mean price of a single family home in any neighborhood is $243,761. OC. The mean price of a single family home in the broker's neighborhood is less than $243,761. OD. The mean price of a single family home in the broker's neighborhood is $243,761. C
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