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An insurance company found that 2.5%of male drivers between theages of 18 and
25 are involved in serious accidents annually. Assume that every such accident costs the company $65,000 and that a driver can only have one of these accidents in ayear.
(a) If the company charges $2,500 forsuch coverage, what is the probability that it loses money on a single policy?
(b) Suppose that the company writes 1,000 such policies to a collection of drivers.
What is theprobability that thecompany makes a profit on these policies? Assume that the drivers don't run into each other and behave independently.
(c) Does the difference between the probabilities of parts (a) and (b)explain how insurance companies stayin business? Large auto insurers are certainly profitable. One report, for example, claims that Allstate pays out less than $0.50 in accident claims for every dollar collected in premiums.
Specify the appropriate null and alternative hypotheses if we wish to test the research hypothesis that the mean GHQ score for all employed men exceeds 10.
In a marketing study, 100 consumers were asked to select the best digital music player from the iPod, the iRiver, and the Magic Star MP3. To summarize the consumer responses with a frequency table, how many classes would the frequency table have?
A recent survey by the insurance company showed the following probabilities for the number of bedrooms in each insured home. Find the standard deviation for the distribution.
How can the binomial distribution be used in a business situation? What type of data would you use and what would you learn from this?
answer the followinga- if the correlation coefficient is -0.15 what is the sign of the slope of the regression line?b-
Please perform a hypothesis test using a .05 significance level on the following information. Next please perform a regression analysis as well as providing a scattered diagram.
Explain why a confidence interval for a predictor coefficient is equivalent to a 2-tailed test of significance?
A contractor is considering a sale that promises a profit of $34,000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $16,000 with a probability of 0.3. What is the expected profit?
How many bolts should be sampled in order to make us 95% confident that the sample mean bolt length is within .02 inches of the true mean bolt length?
Determines the sample mean outer diameter to be 1.002 inches with a standard deviation of 0.003 inch. Calculate the process capability index for this example.
Twenty three percent of automobiles are not covered by insurance. On a particular weekend, 35 automobiles are involved in accident.
What is the role of the F test in multiple regression? (b) How is the F statistic calculated from the ANOVA table? (c) Why are tables rarely needed for the F test?
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