Finding estimate and confidence interval for mean

Assignment Help Basic Statistics

Reference no: EM1320491

Q1) Annual family dental expenses for families of random sample of 10 employees of company are given below. You can suppose the family dental expenses for employees of company are normally distributed.

$450, $390, $550, $140, $690, $600, $250, $330, $490, $810

a) Calculate the mean and standard deviation of sample.

b) Find out point estimate and 95% confidence interval for mean family dental expenses of all employees of company.

c) Interpret confidence interval.

d) How would you communicate this information to Vice-President of Human Resources in non-statistical language.

e) How could this information be used in negotiations with dental insurer of company in setting premiums for next year.

Reference no: EM1320491

Questions Cloud

Evaluating the factor effects : Evaluate the factor effects. Find out which factors are significant in explaining yield.

Elucidate how the benefits of such a policy : sing specific data for an industry of your choice Elucidate how the benefits of such a policy.

Orecasters predictions inflation are notoriously inaccurate : Forecasters predictions of inflation are notoriously inaccurate, so their expectations of inflation cannot be rational.

Finding and comparing the level of significance : If the same sample results had been obtained from a random sample of 16 students, could the students' claim be accepted at a lower level of significance?

Finding estimate and confidence interval for mean : Find out point estimate and 95% confidence interval for mean family dental expenses of all employees of company.

Concept of inheritance and object hierarchy : Study the concept of inheritance and object hierarchy in the object-oriented programming.

Estimate and interpret the p-value of the calculated test : Estimate and interpret the p-value of the calculated test statistic.

Estimate the expected grade & variance for the course : Estimate the expected grade & variance for the course

Wheat producers lobby the government for a price : Assumes that wheat producers lobby the government for a price floor also receive one.

User Account

All Pages