(i)Claim size, X, has mean u and variance 500.(ii)The random variable u has a mean of 1000 and variance of 50.(iii)The following three claims were observed: 750, 1075, 2000Calculate the expected size of the next claim using Bühlmann credibility.(A)1025(B)1063(C)1115(D)1181(E)1266

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Answered: (i) Claim size, X, has mean u and…

A First Course in Probability (10th Edition)

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Author:Sheldon Ross

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Chapter1: Combinatorial Analysis

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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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(i) Claim size, X, has mean u and variance 500. (ii) The random variable u has a mean of 1000 and variance of 50. (iii) The following three claims were observed: 750, 1075, 2000 Calculate the expected size of the next claim using Bühlmann credibility. (A) 1025 (B) 1063 (C) 1115 (D) 1181 (E) 1266