According to the National Association of Home Builders, the mean price of an existing single-family home in
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According to the National Association of Home Builders, the mean price of an existing single-family home in 2018 was $395,000. A real estate broker believes that existing home prices in her neighborhood are lower.
In Problems,
(a) State the null and alternative hypotheses in words,
(b) State the null and alternative hypotheses symbolically,
(c) Explain what it would mean to make a Type I error, and
(d) Explain what it would mean to make a Type II error.
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