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The idea of insurance is that we all face risks that are unlikely but carry high cost. Think of a fire destroying your home. So we form a group to share the risk: we all pay a small amount, and the insurance policy pays a large amount to those few of us whose homes burn down. An insurance company looks at the records for millions of homeowners and sees that the mean loss from fire in a year is μ = $500 per house and that the standard deviation of the loss is σ = $10,000. (The distribution of losses is extremely right-skewed: most people have $0 loss, but a few have large losses.) The company plans to sell fire insurance for $500 plus enough to cover its costs and profit.
Explain clearly why it would be unwise to sell only 100 policies. Then explain why selling many thousands of such policies is a safe business.
Suppose the company sells the policies for $600. If the company sells 50,000 policies, what is the approximate probability that the average loss in a year will be greater than $600?
a poll found that 41 of male voters and 44female voters support a particular candidate.too test whether this candidate
Risk odds: Wendy adheres to the delta property and has risk odds of 2:1 for a deal where she could win or lose $100.
Based on a random sample of 2,500 people, the estimates of people by age group unemployed in one Northern city are found in the table. Is the study descriptive or inferential?
Using excel, calculate the correlation coefficient, r, for the two variables. How would you interpret this measure?
Years to Complete a Graduate Program: The average number of years a person takes to complete a graduate degree program is 3. The standard deviation is 4 months. Assume the variable is normally distributed. If an individual enrolls in the program, ..
a sample of 60 women is obtained and their heights in inches and pulse rates in beats per minute are measured. the
heights of men on a baseball team bell-shaped distribution wit ha mean of 183 cm and a standard deviation of 6 cm.
Assume the null hypothesis is that μ = 50 and that the graph shown below is the sampling distribution of the mean (M). Would a sample value of M= 60 be significant in a two-tailed test at the .05 level? Roughly what value of M would be needed to b..
Find the probability of observing a sample mean of 0.985 liters or less in a sample of 70 bottles, if the beverage dispensing unit functions properly.
What is the base rate for lung cancer in men over a lifetime?- What is the approximate lifetime risk of getting lung cancer for men who smoke?
A random sample size of 41 is produced from a normal population with mean u and a standardd deviation sigma = 1.
Four days following treatment, researchers count the number of fleas collected from each pet during a 2-minute period. The results are shown below. At the 0.025 level, is the new formula more effective than the old?
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