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Three years​ ago, the mean price of an existing​ single-family home was $243,742. A real estate...

Three years​ ago, the mean price of an existing​ single-family home was $243,742. A real estate broker believes that existing home prices in her neighborhood are higher.

a. determine the null and alternative hypothesis

b. explain what it would mean to make a Type 1 error

c. explain what it would mean to make a Type 2 error

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Expert Solution

milcah answered 1 year ago
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