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Q1) Auditor reviewed 25 oral surgery insurance claims from particular surgical office, finding that mean out of pocket patient above reimbursed amount was $275.66 with standard deviation of $78.11.
a) At 5% level of significance, does this sample prove violation of guideline that average patient must pay no more than $250 out of pocket?
b) Mention your hypotheses and decision rule? Is this close decision?
Q2) Web based company OH Baby! Has goal of processing 95% of its orders on same day they are received. IF 485 out of the next 500 orders are processed on same day, would this prove that they are beyond their goal, using α= .025?
The mean return for the random sample of 33 mutual funds is 14.93 percent with a standard deviation of 9.57. Test the null hypothesis: H0: mu = 15% at α = 0.05.
Formulate the hypotheses that can be used to determine whether the mean of all account balances is significantly different from $1,150
Create a 95% confidence interval for mean cost of repairs. Interpret this interval.
Develop a hypothesis to investigate this problem based on the claim of the heat pump manufacturer
As it is a 2 _ 2 table, try also two-tailed two-sample z test for ð1 = ð2 and verify that z2 is same as your chi-square statistic. Which test do you favour? Describe why?
Compare among expected monetary approach also expected utility approach. Sketch the brokers utility curve and describe what it says about her risk profile.
The paired data below consist of the test scores of 6 randomly selected students and the number of hours they studied for the test.
To test whether there is a significant mean difference among the three.
Using the .10 level of significance, can we conclude that the assembly time using the new method is faster?
By using the 0.10 level of significance, is there evidence that the population mean is above the $300?
Determine relative frequency of X=4? Generate the cumulative frequencies.
Suppose these data represent whole population. Determine the population mean and population standard deviation.
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