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b. The United Medical Agency is investigating the cost of maintaining the diabetic patients within its plan. These patients have typically been running up costs at the rate of $1,240 per month. A sample of 8 cases were observed and the costs are given below: Patient A B с D E F G H Costs 1260 1172 1181 1101 1103 1360 1281 1115 i. Calculate a 95% confidence interval for the mean cost. 11. 111. Comment on the hypothesis that the mean cost is greater than $1,240. Use the 5% level of significance. Include all steps. Comment on the hypothesis that the mean cost is equal to $1,240. Use the 10% level of significance. Include all steps.

b. The United Medical Agency is investigating the cost of maintaining the diabetic patients within its plan. These patients have typically been running up costs at the rate of $1,240 per month. A sample of 8 cases were observed and the costs are given below: Patient A B с D E F G H Costs 1260 1172 1181 1101 1103 1360 1281 1115 i. Calculate a 95% confidence interval for the mean cost. 11. 111. Comment on the hypothesis that the mean cost is greater than $1,240. Use the 5% level of significance. Include all steps. Comment on the hypothesis that the mean cost is equal to $1,240. Use the 10% level of significance. Include all steps.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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b. The United Medical Agency is investigating the cost of maintaining the diabetic patients within its plan. These patients have typically been running up costs at the rate of $1,240 per month. A sample of 8 cases were observed and the costs are given below: Patient A B с D E F G H Costs 1260 1172 1181 1101 1103 1360 1281 1115 i. Calculate a 95% confidence interval for the mean cost. 11. 111. Comment on the hypothesis that the mean cost is greater than $1,240. Use the 5% level of significance. Include all steps. Comment on the hypothesis that the mean cost is equal to $1,240. Use the 10% level of significance. Include all steps.
Transcribed Image Text:b. The United Medical Agency is investigating the cost of maintaining the diabetic patients within its plan. These patients have typically been running up costs at the rate of $1,240 per month. A sample of 8 cases were observed and the costs are given below: Patient A B с D E F G H Costs 1260 1172 1181 1101 1103 1360 1281 1115 i. Calculate a 95% confidence interval for the mean cost. 11. 111. Comment on the hypothesis that the mean cost is greater than $1,240. Use the 5% level of significance. Include all steps. Comment on the hypothesis that the mean cost is equal to $1,240. Use the 10% level of significance. Include all steps.
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