(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 $243,719 A real estate broker believes that the mean price has increased since then (a) Which of the following is the hypothesis test to beconducted A H0 $243,719 H1 $243,719 (b) Which of the following is a type Ierror A The broker fails to reject the hypothesis that the mean price is $243,719, when the true mean price is greater than $243,719 B The broker rejects the hypothesis that the mean price is $243,719, when it is the true mean cost C The broker rejects the hypothesis that the mean price is $243,719, when the true mean price is greater than $243,719 (c) Which of the following is a type IIerror A The broker fails to reject the hypothesis that the mean price is $243,719, when it is the true mean cost B The broker fails to reject the hypothesis that the mean price is $243,719, when the true mean price is greater than $243,719 C The broker rejects the hypothesis that the mean price is $243,719, when it is the true mean cost

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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 $243,719. A real estate broker believes that the mean price has increased since then.

(a) Which of the following is the hypothesis test to beconducted?

H0: =$243,719; H1: <$243,719

H0: =$243,719; H1: $243,719

H0: =$243,719; H1: >$243,719

(b) Which of the following is a type Ierror?

The broker fails to reject the hypothesis that the mean price is $243,719, when the true mean price is greater than $243,719.

The broker rejects the hypothesis that the mean price is $243,719, when it is the true mean cost.

The broker rejects the hypothesis that the mean price is $243,719, when the true mean price is greater than $243,719.

The broker fails to reject the hypothesis that the mean price is $243,719, when it is the true mean cost.

The broker fails to reject the hypothesis that the mean price is $243,719, when the true mean price is greater than $243,719.

The broker rejects the hypothesis that the mean price is $243,719, when it is the true mean cost.

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