User Account

All Pages

Compute the sample target market

Assignment Help Basic Statistics
Reference no: EM132852825

An insurance company that sells different life insurance policies is investigating expanding its "disability insurance" products. To help determine the extent and type of offerings, the company needs to know its target market. A survey of 320 adults was drawn, and each person was asked to choose his/her preferred new policy.

Response codes showed that 63 individuals wanted just life insurance with a 2% discount, 125 wanted just disability insurance with a 2% discount, 45 wanted life and disability insurance with a 3% discount, and 87 wanted life and health insurance with a 5% discount.

Question #1: Compute the sample target market defined as the sample proportion of adults who chose "disability insurance with a 2% discount" as their preferred new policy.

Question #2: Compute the standard error of the target market.

Question #3: Test whether the target market is larger than 35%. Use a 10% significance level and the p-value approach.

Question #4: Construct the appropriate one-sided approximate 90% confidence interval for the target market. Is this interval consistent with your conclusion in Question #3 above? Explain.

Question #5: What sample size is needed if the company wishes to be 98% confident that their estimate is within 0.02 of the true target market value.

Reference no: EM132852825

Questions Cloud

Differences among mean distances for the eight batters : Four brands of baseball bats were tested to determine which bat allowed hitters to hit a baseball farthest. Eight different batters were thrown 25 pitches
What cost per equivalent unit would the manager report : If the department spent $935,765 on direct materials, using the weighted-average method, what cost per equivalent unit would the manager report per square metre
Calculate the mass of air that escapes : If the valve allows air to escape when the its pressure exceeds 10 times that of the atmosphere, calculate the mass of air that escapes.
Estimate the number of farms land and building values : ?(a) Use the empirical rule to estimate the number of farms whose land and building values per acre are between ?$1100 and ?$1300.
Compute the sample target market : Compute the sample target market defined as the sample proportion of adults who chose "disability insurance with a 2% discount" as their preferred new policy.
Describe distribution of time until ?rst excited particle : Consider a nuclear reaction with the property that for any time period of 15 seconds, the number of particles that are excited during that time has a Poisson di
What amount will ms net income change : D has net income of P100,000 and pays P30.000 of dividends. What amount will M's net income change as a result of its investment in D
Compare the teaching profession : How do you compare the teaching profession with the other professions like law, medicine, engineering and accountancy in terms of occupational prestige
Define frequency distribution : 1. Define frequency distribution and when is a frequency distribution table more beneficial to utilize.

Reviews

Write a Review

Basic Statistics Questions & Answers

  What is the equation of the regression line

Start the car! In October 2002, Consumer Reports listed the price and power (in cold cranking amps) of auto batteries. What is equation of regression line

  Probability that temperature of the oven will range a value

What is the probability that the oven will cause a core to be defective? What is the probability that the temperature of the oven will range from 460 degree F to 470 degrees F?

  Perform the cross-classification of the two nominal

identify two important operating standards that are routinely measured in your organization. these measures must meet

  The following table gives the probabilities gives the

the following table gives the probabilities gives the number of police officers who will call in sick daily for a large

  Estimate percentage of business that plan to hire employee

Hiring. In preparing a report on the economy, we need to estimate the percentage of businesses that plan to hire additional employees in the next 60 days.

  Value of the appropriate test statistic

In a simple linear regression based on 30 observations, it is found that b1 = 3.25 and Sb1 = 1.36. Consider the hypotheses:

  What is probability approximately

Find the probability that at least one letter is put in a correctly addressed envelope. [Hint: use the inclusion-exclusion formula of Exercise 1.3.1.2]

  Find the marginal distribution of vehicle type in new york

Find the marginal distribution of vehicle type in New York and find the conditional distribution of vehicle type given that the transmission is automatic.

  What is the number of chocolate chips

1) What is the number of chocolate chips at the 75% level?

  Data on education level by gender

A recent market study produced the following data on education level by gender:

  How many games would the conference commissioner have

How many games would the conference commissioner have to schedule each year - The ABCD football association is considering a Super Ten Football Conference. The top 10 football teams in the country, based on past records, would be members of the Sup..

  What is the standard error of the mean for the given data

Better light. After his first attempt to determine the speed of light (described in Exercise), Michelson conducted an "improved" experiment.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd