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.

0.16 or 16%

step-by-step explanation:

lets take a coin for example.

if you toss it twice, it has a 1/4 chance of landing on heads both times because 1/2 * 1/2 is 1/4.

with the cards, the chance of picking dog is 0.4. having two people pick one is like picking a card twice in a row. so 0.4 * 0.4 is 0.16, or 16%