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An insurance company is reviewing its current policy rates. When originally setting the rates they believed that the average claim amount was $1,800. Now there are concerns that if the true mean is actually higher than this they could potentially lose a lot of money. They randomly select 40 claims, and calculate a sample mean of $1,950. Assuming that the standard deviation of claims is $500, and set significance level = :05, test to see if the insurance company should be concerned.
Show all of your work and clearly label each of your calculations. Share your calculations from Excel and your interpretations of your findings in your Word document.
Metal stamping machine is producing 10 defective parts per hour. Determine the probability that three or fewer defective parts will be output in a randomly chosen hour, by using the Poisson distribution?
The diameters of oranges in the certain orchard are normally distributed with the mean of 5.26 inches and a standard deviation of 0.50 inches.
Make up a scatter diagram with 10 dots for each of the following situations:
The diameters of grapefruits in certain orchard are normally distributed with mean of 6.95 inches and a standard deviation of 0.75 inches. Show all work.
A researchers wish to estimate, with 95% confidence, the proportion of people who own a home computer. A previous study shows the 40% of those interviewed had a computer at home.
A pinochle deck has 48 cards, two of each of six denominations (9, J, Q, K, 10, A) and the usual four suits. In a hand of 12 cards, what is the probability of getting a "bare" roundhouse, namely a king and queen of each suit and no other kings or ..
Let X be the cost of the sofa. What is the average cost of a sofa if the advertised sofa is $250 and the more expensive sofa is $ 375?
The SAT scores of students are normally distributed with a mean of 950 and a standard deviation of 200. Nancy Bright's SAT score was 1390. What percentage of students have scores more than Nancy Bright?
What is the probability that fewer than 59 CEOs agree that it is attractive to have a joint venture to increase global competitiveness and what is the probability that between 53 and 61 (inclusive) CEOs agree with that assertion?
How might you go about creating a stronger regression model? For example, you have a multiple regression model with an adjusted R-Square of 0.49, which would explain 49% of the variance of the dependent measure
According to the empirical rule, if the data from a "bell-shaped" normal distribution ______ percent of the observation will be contained between 2 standard deviations below the mean and 2 standard deviations above the mean.
For a candidate to win in a congressional district, he has to have won over half of the vote. The Republican candidate takes a poll to assess his chances in a two-candidate race.
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