Question

Suppose the null hypothesis is not rejected. State the conclusion based on the results of the test. Three years​ ago, the mean price of a​ single-family home was ​$243 comma 790. A real estate broker believes that the mean price has decreased since then. Which of the following is the correct​ conclusion? A. There is not sufficient evidence to conclude that the mean price of a​ single-family home has decreased. B. There is sufficient evidence to conclude that the mean price of a​ single-family home has not changed. C. There is sufficient evidence to conclude that the mean price of a​ single-family home has decreased. D. There is not sufficient evidence to conclude that the mean price of a​ single-family home has not changed.

Answer 1

A. There is not sufficient evidence to conclude that the mean price of a​ single-family home has decreased

Explanation:

To study : Whether the mean price of single family home has decreased or not -

Null Hypothesis [H0] = There is no change in mean price of single family home

Alternate Hypothesis [H1] = There is change (decrease) in mean price of single family home

If the null hypothesis is not rejected, it implies that 'there is no change in mean price of single family home' has been statistically accepted.

So, it states that - There is not sufficient evidence to conclude that the mean price of a​ single-family home has decreased