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The crisis in the real estate market caused the listing prices of homes in certain areas to fall from previous years. A real estate office would like to sample 48 new listings randomly to test the hypothesis that the current listing price average is less than ?$243,000?, the average in the previous year. Assume the standard deviation for the price of homes in this market is ?$46,000.
A Type I error can occur if the average listing price is above or equal to $243,000 and the null hypothesis is rejected. A Type II error can occur if the average listing price is below ?$243,000 and the null hypothesis is not rejected.
b. Using α=0.10?, calculate the probability of a Type II error occurring if the actual average listing is ?$225,000.
The probability of committing a Type II error is ?
?(Round to three decimal places as? needed.)
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