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The president of the American Insurance Institute wants to compare the yearly costs of auto insurance offered by two leading companies. He selects a sample of 15 families,some with only a single insured driver, others with several teenage drivers, and pays each family a stipend to contact the two companies and ask for a price quote. To make the data comparable, certain features, such as the deductible amount and limits of liability, are standardized. The sample information is reported below. At the .10 significance level, can we conclude that there is a difference in the amounts quoted?
Progressive Geico
Familly Car Insurance Mutual Insurance
Becker $2,090 $1,610
Berry 1,683 1,247
Cobb 1,402 2,327
Debuck 1,830 1,367
DuBrul 930 1,461
Eckroate 697 1,789
German 1,741 1,621
Glasson 1,129 1,914
King 1,018 1,956
Kucic 1,881 1,772
Meredith 1,571 1,375
Obeid 874 1,527
Price 1,579 1,767
Phillips 1,577 1,636
Tresize 860 1,188
Based on the information in part (a), what decision should the director make about the books used for the courses if the goal is to keep the cost below $300?
Construct a decision table for this problem. Include all conditional values and probabilities in the table.
At the .01 significance level, can we conclude that the 30-yeer mortgage rate for small banks is less than 6 percent? Estimate the p -value.
The intensity level of an earthquake is based on the Richter scale. Using logarithms, the Richter scale measures an earthquake relative to (as a ratio of) the weakest possible tremor.
Use the given margin of error, confidence level, and population standard deviation (o) to find the minimum sample size required to estimate an unknown population means (u)
To determine if there is a relationship between grade performance and extracurricular participation, North Carolina state conducted a study of 112 students, recording the number of students in each of three extra-curricular categories, and each of..
The outcomes of the successive trials are assumed to be independent. Find the frequency function for the total number of attempts. What is the probability that player A wins?
If were interested in studying obesity in a small sample size of 10 adult men by looking at their body weights and heights, would you say that trimming the mean is a good idea? What are the advantages of trimming the mean in this situation? What a..
The Dean of Students believes that the costs are greater this semester. What is the test value for this hypothesis?
NCAA Basketball Tournament. Each year, 64 college basketball teams compete in the NCAA tournament. Sandbox.com recently offered a prize of $10 million to anyone who could correctly pick the winner in each of the tournament games.
The demand, D, on any given day is uniformly distributed over [80,140]. How many units should the retailer order to maximize expected profit?
Mean threshold values and standard deviations for the three groups are given below. Normal probability plots showed the three populations were well approximated by the Normal distribution.
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