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1. Suppose that yearly health care expenses for a family of four are normally distributed with a mean expense equal to $3,000 and a standard deviation of $500. An insurance company has decided to offer a health insurance premium reduction if a policyholder's health care expenses do not exceed a specified dollar amount. What dollar amount should be established if the insurance company wants families having the lowest 33 percent of yearly health care expenses to be eligible for the premium reduction?
2. Suppose that the 33rd percentile of a normal distribution is equal to 656 and that the 97.5th per- centile of this normal distribution is 896. Find the mean m and the standard deviation s of the normal distribution. Hint: Sketch these percentiles.
CONCEPTS
3. Explain why it might be convenient to approximate binomial probabilities by using areas under an appropriate normal curve.
4. Under what condition may we use the normal approximation to the binomial distribution?
5. Explain how we make a continuity correction. Why is a continuity correction needed when we approximate a binomial distribution by a normal distribution?
In a box model, the maximum distance to transport particle across a city is shown as D. If the approximate length of one side is 40 miles, width is 28 miles and the mixing height is 2miles. For a pollutant particle emitted on one side of the town, wh..
Find the probability that if four subcomponents are randomly selected, all four have lengths that exceed 120 cm. normally distributed with mean =117cm and standard deviation of 5.2 cm
Perspective about the problem you are trying to analyze; in other words, you should review the literature concerning your subject. The library or the web will be a good source of information.
What is the difference between the CIJE and RIE parts of the ERIC system?
Develop an ordered array and plot a percentage histogram, what conclusions can you reach about the differences in the state cigarette tax between the states?
single sample hypothesis testing z-tests1. for the population at large test scores on the wechsler intelligence scale
A sociologist wants to find the relationship between attitude toward women's right (numerical variable with range 0-100), age of the respondent in years, gender, and level of education (less than high school, some college, bachelor's degree or higher..
Example the difference between graphs
1. listed below are the numbers of people executed in the united states from 1976 nbsp to 1994. in 1976 the u.s.
A company is considering expansion of its current facility to meet increasing demand. If demand is high in the future, the major expansion would result in an additional profit of $800,000, but if demand is low then there would be a loss of $500..
Specific Motors manufactures three different car models, Model X, Model Y, and Model Z, withrespective net revenues of$1000, $3000, and $6000. Each Model X requires 40 labor-hours and 1 tonof steel to produce, each Model Y requires 65 labor-hours and..
Know the proper format for a Null Hypothesis. Know the proper format for an Alternative Hypothesis. Know how to state a Null and Alternative Hypothesis for business situations. Know the definition of a Type I error. Know the definition of a Typ..
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