Find bounds on p value associated with given hypothesis test

Reference no: EM131432562

Demographics and Population Statistics

Police reports and insurance claims indicate that the mean loss during a residential break-in is $1381. Actuaries working for Eagle Pacific Insurance Company need to check whether the mean loss has changed during the past year in order to determine new policy rates. A random sample of 17 residential break-ins was obtained, and the loss due to each burglary was recorded. The sample mean loss (in dollars) was 1857 and the standard deviation was σ = 786. Assume the loss distribution is normal and use a = 0.05.

a. Is there any evidence to suggest the true mean loss as a result of a residential break-in has changed?

b. Find bounds on the p value associated with this hypothesis test.

c. Carefully sketch a graph illustrating the p value and the value of the test statistic.

Reference no: EM131432562

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