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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 the probability that the company 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 stay in business? Large auto insurers are certainly profitable. One report, for example, claims that All state pays out less than $0.50 in accident claims for every dollar collected in premiums.
a new drug is claimed to have effect on reducing heart rate for patients with unstable angina by 15 beats per minute
Differentiate between the levels of measurement by providing an example of data which can be transformed from one level of measurement to another and another example of data that cannot be transformed.
Abnormalities that might lead to cancer. Provide a descriptive statistic that could be used to estimate the number of women out of 1000 in this population.
Given: You are using a significance level of α = 0.05 to test a claim that p > 0.5. Your sample is a simple random sample of size n = 49. Calculate β for the test, assuming that the true population proportion is 0.7 and showing all work.
In a recent survey 35 percent indicated chocolate was their favorite flavor of ice cream. Suppose we select a sample of 10 people and ask them to name their favorite flavor of ice cream.
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Wwith a standard deviation of 1.7 grams. Assuming the distribution of weights is normally distributed, 4% of whooping crane eggs weigh less than how many grams?
Find the appropriate critical statistic for : A one tailed test in the positive direction with 15 observations with alpha equal to 0.001.
Find the probabilities for the following discrete random variables and find the probability that the salad contains more than 5 vegetables on i) a given day and on ii)3 of the next 4 days?
This second sample had an average response of 132 with a sample variance of 16. What is the pooled standard deviation for this problem?
a set of data is normally distributed with a mean of 200 and a standard deviatioon of 50.-what would be the standard
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