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Three years ago the mean price of an existing single family home was 243 713 A real estate broker believes that existing home prices in her neighborhood are lower 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 b Which of the following is a Type I error OA The broker fails to reject the hypothesis that the mean price is 243 713 when the true mean price is less than 243 713 OB The broker rejects the hypothesis that the mean price is 243 713 when the true mean price is less than 243 713 C The broker rejects the hypothesis that the mean price is 243 713 when it is the true mean cost OD The broker fails to reject the hypothesis that the mean price is 243 713 when it is the true mean cost c Which of the following is a Type Il error O A The broker fails to reject the hypothesis that the mean price is 243 713 when the true mean price is less than 243 713 OB The broker rejects the hypothesis that the mean price is 243 713 when the true mean price is less than 243 713 OC The broker rejects the hypothesis that the mean price is 243 713 when it is the true mean cost OD The broker fails to reject the hypothesis that the mean price is 243 713 when it is the true mean cost

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