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You are a manager working for an insurance company. Your job entails processing individual claims filed by policyholders. In general, few claims are expensive. Each quarter, you compile a report summarizing key claim statistics, such as the number of claims submitted, the average cost per claim, and the total cost of submitted claims. In the last quarter's report, you notice a large difference between the mean and the median claim cost, the mean cost being much higher than the median cost. What do you attribute this difference to? Do you think the claims data is normally distributed? If so, why? If not, what distribution might best describe the data and why? Given the large difference between the two measures of central tendency, which of the two would you rely on in describing the average claim cost and why?
Compute cumulative probabilities for these numbers in second column. Then create a histogram illustrating data distribution. Using generated Normal probability table, determine probability of Pr(X
Test hypothesis that annual incomes of corporate trainers in areas of more than 500,000 are considerably more than those in areas of less than 100,000. Make use of the 5% level of risk.
Marks on statistics midterm test are normally distributed with mean of 78 and a standard deviation of 6. Determine the probability that class of 50 has average midterm mark that is less than 75?
At the .05 level of significance, can we conclude the Middletown students stayed in their districts less time than the Brockton students? Use the five-step hypothesis testing procedure.
Calculate the standard deviation for this data = since it is a case of grouped data with classes. use group or class midpoints in the formula in place of x values.
Calculate the range, variance, and standard deviation for these sample data.
The weights (in pounds) of a sample of five boxes being sent by UPS are: 12, 6, 7, 3, and 10.
Set-up/solve the problem graphically. (How many ceiling fans and how many floor fans should be made?)
Draw a tree diagram depicting the sample space outcomes for this experiment.
Suppose that 10% of all adults jog. An opinion poll asks an SRS of 400 adults if they jog. a) What is the sampling distribution of the proportion p^ in the sample who jog?
To test the given claim using Single Proportion Z test.
Find the 99% confidence interval for the population proportion.
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