# 1. Three years​ ago, the mean price of an existing​ single-family home was ​\$243708.

Three years​ ago, the mean price of an existing​ single-family home was ​\$243708. A real estate broker believes that existing home prices in her neighborhood are .
​(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.
​(d) Explain what it would mean to make a Type II error.

(a) State the null hypothesis in words. Choose the correct answer below.

State the alternative hypothesis in words. Choose the correct answer below.

(b) State the hypotheses symbolically.
:

\$243708

:

\$243708

(Type integers or decimals. Do not round.)
(c) What would it mean to make a Type I error?
The broker

the hypothesis that the mean price is

\$243708,

when the true mean price is

\$247708.
(Type integers or decimals. Do not round.)
(d) What would it mean to make a Type II error?
The broker fails to reject the hypothesis that the mean price is equal to

\$243708,

when the true mean price is

\$243708.
(Type integers or decimals. Do not round.)