(i)Claim size, X, has mean µ 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)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

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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A grocery store produce manager is told by a wholesaler that the apples in a large shipment have a mean weight of 8 ounces and standard deviation of 1.6 ounces. The manager is going to select 64 apples randomly. (a) The manager decides to return the shipment if the samples mean weight of 64 apples is less than 7.6 ounces. Assuming that the wholesaler’s claim is true, find the probability that the shipment of apples will be returned. (b) The manager is willing to risk a 1% chance of returning the shipment. Assuming the wholesaler’s claim is true and the sample mean weight of 64 apples falls below X bar ounces. Find X bar.
You are given: (i) Claim size, X, has mean µ and variance 500. (ii) The random variable µ 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
Announcements for 83 upcoming engineering conferences were randomly picked from a stack of IEEE Spectrum magazines. The mean length of the conferences was 3.96 days, with a standard deviation of 1.24 days. Assume the underlying population is normal. 1)In words define the random variables x and x̅ X is the mean length from a sample of 83 engineering conferences and x̅ is the length of an engineering conference. X is the length of an engineering conference and x̅ is the mean length from a sample of 83 engineering conferences. X is the number of engineering conferences and x̅ is the mean number of engineering conferences listed in IEEE spectrum magazine. X is the mean number of engineering conferences listed in IEEE spectrum magazine and x̅ is the number of engineering conferences. 2)Which distribution should you use for this problem? Explain your choice. The student’s t-distribution should be used because the sample mean is smaller than 30. The student’s t-distribution…
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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. (ii) The following three claims were observed: 750, 1075, 2000 Calculate the expected size of the next claim using Bühlmann credibility. (A) 1025 (В) 1063 (C) 1115 (D) 1181 (E) 1266