Question
In: Statistics and Probability
The mean annual premium for automobile insurance in the United States is $1503 (Insure.com website, March...
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The mean annual premium for automobile insurance in the United States is $1503 (Insure.com website, March 6, 2014). Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1440 with a standard deviation of s = $165. If required, enter negative values as negative numbers. a. Develop a hypothesis test that can be used to determine whether the mean annual premium in Pennsylvania is lower than the national mean annual premium. H 0: μ - b. What is a point estimate of the difference
between the mean annual premium in Pennsylvania and the national
mean (to the nearest dollar)? c. At = .05, test for a significant difference by completing the following. Calculate the value of the test statistic (to 2 decimals). The p-value is - What is your conclusion? |
Solutions
orchestra answered 2 years agoRelated Solutions
The Insure.com website reports that the mean annual premium for automobile insurance in the United States...
The Insure.com website reports that the mean annual premium for
automobile insurance in the United States was $1,503 in March 2014.
Being from Pennsylvania at that time, you believed automobile
insurance was cheaper there and decided to develop statistical
support for your opinion. A sample of 25 automobile insurance
policies from the state of Pennsylvania showed a mean annual
premium of $1,425 with a standard deviation of
s = $160.
(a)
Develop a hypothesis test that can be used to...
The mean annual premium for automobile insurance in the United States is $1,495. Being from Pennsylvania,...
The mean annual premium for automobile insurance in the United
States is $1,495. Being from Pennsylvania, you believe automobile
insurance is cheaper there and wish to develop statistical support
for your opinion. A sample of 25 automobile insurance policies from
the state of Pennsylvania showed a mean annual premium of $1,439
with a standard deviation of s = $150.
If required, enter negative values as negative numbers.
a. Develop a hypothesis test that can be used
to determine whether the...
The mean annual premium for automobile insurance in the United States is $1,495. Being from Pennsylvania,...
The mean annual premium for automobile insurance in the United
States is $1,495. Being from Pennsylvania, you believe automobile
insurance is cheaper there and wish to develop statistical support
for your opinion. A sample of 25 automobile insurance policies from
the state of Pennsylvania showed a mean annual premium of $1,439
with a standard deviation of s = $150.
If required, enter negative values as negative numbers.
a. Develop a hypothesis test that can be used
to determine whether the...
The ABC insurance INC. reports that the mean annual premium for automobile insurance in the United...
The ABC insurance INC. reports that the mean annual premium for
automobile insurance in the United States was $1608 in summer 2018.
However, you believed automobile insurance was cheaper in North
Carolina and decided to develop statistical support for your
opinion. A sample of 25 automobile insurance policies from the
state of North Carolina showed a mean annual premium of $1560 with
a standard deviation of s = $165. a. Develop a hypothesis test that
can be used to determine...
The average annual premium for automobile insurance in the United States is $1485. A representative sample...
The average annual premium for automobile insurance in the
United States is $1485. A representative sample of annual premiums
for the state of Michigan is contained in the Excel Online file
below. Assume the population is approximately normal. Construct a
spreadsheet to answer the following questions.
Annual Premium
1931
Sample
Size
3150
2376
Point
Estimate of Mean (to the whole)
2723
2572
Standard
Deviation (4 decimals)
2981
2674
Confidence Coefficient
0.95
2543
2656
Level of
Significance
2650
2383
Margin
of...
The average annual premium for automobile insurance in the United States is $1520. A representative sample...
The average annual premium for automobile insurance in the
United States is $1520. A representative sample of annual premiums
for the state of Michigan is contained in the Excel Online file
below. Assume the population is approximately normal. Construct a
spreadsheet to answer the following questions.
a. Provide a point estimate of the mean annual
automobile insurance premium in Michigan. To the nearest
dollar.
b. Develop a 95% confidence interval for the
mean annual automobile insurance premium in Michigan.To the...
“In attempting to determine the population mean annual automobile insurance premium, you draw a sample of...
“In attempting to determine the population mean annual
automobile insurance premium, you draw a sample of 25 automobile
insurance policies. This sample has a sample mean annual premium of
$1440 and a sample standard deviation of s=$165.
a. Construct a 99% confidence interval for the population mean
annual automobile insurance
premium.
b. Assuming everything else is fixed, what happens to the margin
of error as the sample size increases.
“In attempting to determine the population mean annual automobile insurance premium, you draw a sample of...
“In attempting to determine the population mean annual
automobile insurance premium, you draw a sample of 25 automobile
insurance policies. This sample has a sample mean annual premium of
$1440 and a sample standard deviation of s=$165.
a. Construct a 99% confidence interval for the population mean
annual automobile insurance
premium.
b. Assuming everything else is fixed, what happens to the margin
of error as the sample size increases.
“In attempting to determine the population mean annual automobile insurance premium, you draw a sample of...
“In attempting to determine the population mean annual
automobile insurance premium, you draw a sample of 25 automobile
insurance policies. This sample has a sample mean annual premium of
$1440 and a sample standard deviation of s=$165.
a. Construct a 99% confidence interval for the population mean
annual automobile insurance premium.
b. Assuming everything else is fixed, what happens to the margin
of error as the sample size increases.
2. “In attempting to determine the population mean annual automobile insurance premium, you draw a sample...
2. “In attempting to determine the population mean annual
automobile insurance premium, you draw a sample of 25 automobile
insurance policies. This sample has a sample mean annual premium of
$1440 and a sample standard deviation of s=$165. a. Construct a 99%
confidence interval for the population mean annual automobile
insurance premium. b. Assuming everything else is fixed, what
happens to the margin of error as the sample size increases.
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