Question: (a) Determine the null and alternativehypotheses, (b) explain what it would mean to make a type Ierror, and(c) explain what it would mean to make

(a) Determine the null and alternativehypotheses, (b) explain what it would mean to make a type Ierror, and(c) explain what it would mean to make a type II error.

Three yearsago, the mean price of asingle-family home was $243,759. A real estate broker believes that the mean price has decreased since then.

Which hypothesis test is to beconducted?

Which of the following is a type Ierror?

A.The broker rejects the hypothesis that the mean price is $243,759, when it is the true mean cost.

B.The broker rejects the hypothesis that the mean price is $243,759, when the true mean price is less than $243,759.

C. The broker fails to reject the hypothesis that the mean price is $243,759, when the true mean price is less than $243,759.

Which of the following is a type IIerror?

A. The broker fails to reject the hypothesis that the mean price is $243,759, when it is the true mean cost.

B.The broker fails to reject the hypothesis that the mean price is $243,759, when the true mean price is less than $243,759.

C.The broker rejects the hypothesis that the mean price is $243,759, when it is the true mean cost.

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