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Fire insurance
An insurance company looks at the records for millions of homeowners and sees that the mean loss from ?re in a year is μ = $300 per person. (Most of us have no loss, but a few lose their homes. The $300 is the average loss.) The company plans to sell ?re insurance for $300 plus enough to cover its costs and pro?t. Explain clearly why it would be stupid to sell only 10 policies. Then explain why selling thousands of such policies is a safe business.
business statisticsinstructions remember to show your work if an answer requires a mathematical solution.1. when the
Over the same period the average /maximum temperature in Dublin was 6.2 degrees Centigrade. The standard deviation was 2.9. How to compute the variance of temperature in Boston.
Raccoons are identified by gender and then weighed from three different neighborhoods. Using a 0.05 significance level what can you conclude from the following Two-Way ANOVA results?
suppose that weights of american adult males is normally distributed with mean 165 pounds and standard deviation 15
an insurance policy costs 100 and will pay policyholders 10000 if they suffer a major injury or 3000 if they suffer a
Tthe United States during 1993 was $40,500. Assume the standard deviation was $8,500. Should a mobile home selling for $75,000 be considered an outlier? Explain why or why not.
If the theater has 100 seats, find the probability that 6 or more patrons will not show up for the sold-out performance.
In multi-choice test, each question has four options. Students wil get 10 points for each correct answer; lose four points for each incorrect answer; and receive no points for unanswered questions.
A recent study of 75 workers found that 53 people rode the bus to work each day. Find the 95 percent confidence interval of the proportion of all workers who rode the bus to work.
Run this same command several times to see how variable the reported pvalues are. How many possible treatment arrangements are there for this experiment?
the life of a semiconductor laser at a constant power is normally distributed with a mean of 7000 hours and a standard
A large bakery buys flour in 25-pound bags. The bakery uses an average of 4,860 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $10 per order. Annual carrying costs are $75 per bag.
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