(1)Losses for each employee of a given policyholder are independent and have a commonmean and variance.(ii)The overall average loss per employee for all policyholders is 20.(iii)The variance of the hypothetical means is 40.(iv)The expected value of the process variance is 8000.(v)The following experience is observed for a randomly selected policyholder:Average Loss perEmployee15Number ofYearEmployees8001210600400Determine the Bühlmann-Straub credibility premium per employee for this policyholder.(A)Less than 10.5(В)At least 10.5, but less than 11.5(C)At least 11.5, but less than 12.5(D)At least 12.5, but less than 13.5(E)At least 13.5

Answered: Image /qna-images/answer/1638c2b5-c33e-48fc-8dc5-08298b312d2a.jpg

Answered: i) Losses for each employee of a given…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

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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Most Australian youth-sports leagues separate athletes by birthdate, and the cutoff date is January 1st. Thus, those children born in January and February have some physical advantages in youth sports over those born in November and December. A recent studysuggests that those physical advantages enjoyed early in life impact the likelihood of a child becoming a professional athlete. The table gives the number of Australian-born 2009 Australian Football League players born in different months of the year, as well as the proportion of births expected if the birthdates of the athletes matched the distribution of all births nationally. Is there evidence that the distribution of birthdates of AFL athletes is not the same as the distribution of birthdates nationally? Birthdates nationally in Australia and for Australian football players Proportion Actual for Months Nationally AFL players Jan-Mar 0.248 196 Apr-June 0.251 162 Jul-Sep 0.254 137…
12. An educator hypothesizes that the median of the number of students enrolled in cyber schools in school districts in southwestern Pennsylvania is 25. At a = 0.05 , is there enough evidence to reject the educator's claim? The data are shown here. What benefit would this information provide the school board of a local school district? Assume that the data do not follow a normal distribution. 12 41 26 14 27 27 11 38 17 11 66 14 8 35 16 25 17 13. A researcher wishes to compare the prices of three types of lawnmowers. At a= 0.10, can it be concluded that there is a difference in the prices? Based on your answers, do you feel that the cost should be a factor in determining which type of lawnmower a person would purchase? Assume that the data do not follow a normal distribution. Gas-powered self-propelled Gas-powered push Electric 188 290 320 325 360 245 210 200 470 300 229 395 330 160 14. A random sample of scoring leaders from NHL showed the following numbers of assists and total points.…
(b) Predict what will happen to the data distribution if outlier exists in the data.
11. Give an example of a set of data that satisfies the following conditions. has 8 data bimodal median = 10 mean = 10
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35. Statistics students in Oxnard College sampled 10 textbooks in the Condor bookstore and recorded the number of pages in each textbook and its cost. The bivariate data are shown below: Number of Pages (xx) Cost(yy) 757 134.55 538 106.7 782 142.3 461 83.15 597 116.55 372 74.8 328 75.2 480 92 978 154.7 261 58.15 A student calculates a linear modely = x + . (Please show your answers to two decimal places)Use the model to estimate the cost when number of pages is 849.Cost =$ (Please show your answer to 2 decimal places.)
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. A process that cuts lengths of metal with high precision has historically produced metal rods with length that is normally distributed and with a mean of 800 millimetres (mm). Management at the factory is concerned that after an overhaul of the machine the mean length of the rods being produced could differ from the required 800 mm. If it is found that the rods are not being produced to specifications then the machine will have to be stopped for readjustment, with a consequent loss of production. The production line manager tasked with investigating the issue finds that a (random) sample of 25 rods yielded a mean length of 806 mm and a sample standard deviation of 10 mm. i. The mean of the sample is clearly not the required 800 mm. Say why this is not enough information in itself to say if the machine is operating correctly or not. ii. State the null and alternative hypotheses for this situation.
A retail chain plans to sell bottles of a special holiday drink this season. The bottles are typically stocked one month in advance and sold before the holiday for full price. After the holiday, the leftover bottles would be marked down to get sold. For each bottle, the item cost is $3.85, the full selling price is $11.99, and the marked down price is $0.98. Historically, demand is normally distributed with a mean of 1.28 million bottles and a standard deviation of 0.04 million bottles. You would need to show equations, steps, and the final results with units for full credits. Answers are in millions using 5 decimals, e.g. 1.76384 million bottles. You should not round up the numbers! For simplicity, all taxes and other costs are not considered. All parts below are based on the optimal quantity decision found in part (a). (a) To maximize expected profit, how many bottles should the retailer carry this year? (b) What are the expected inventory and the corresponding expected sales? (c)…
Vaughn Family Instruments makes cellos. During the past year, the company made 6,560 cellos even though the budget planned for only 5,710. The company paid its workers an average of $20 per hour, which was $0.50 higher than the standard labor rate. The production manager budgets 4 direct labor hours per cello. During the year, a total of 24,450 direct labor hours were worked.(a) Calculate the direct labor rate and efficiency variances. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.) Direct labor rate variance $enter the direct labor rate variance in dollars select an option Direct labor efficiency variance $
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