Three years ago, the mean price of an existing single-family home was $243 comma 772. A real estate broker believes that existing home prices in her neighborhood are higher. (a) Determine the null and alternative hypotheses. (b) Explain what it would mean to make a Type I error. (c) Explain what it would mean to make a Type II error

(a)

(b)  The broker rejects the hypothesis that the mean price is $243,772, when it is the true mean cost.

(c) The broker fails to reject the hypothesis that the mean price is $243,772, when the true mean price is less than $243,772.

Step-by-step explanation:

(a) The null and alternative hypotheses are:

(b) The type I error says that reject the when it is true.

Thus, type I error is: The broker rejects the null hypothesis that the mean price of home is $243,772, when it is the true mean cost.

(c) The type II error says that accept the when it is false.

Thus, type II error is: The broker fails to reject the null hypothesis that the mean price of single-single home is $243,772, when the true mean price is less than $243,772.

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step-by-step explanation: