More insurance claims Refer to Exercise 2. Sup- pose that the insurance company charges $300 for each policy. What is the probability that the insurance company will make money on a random sample of 1000 homeowners? That is, what is the probability that the mean loss for a random sample of homeowners is less than $300? Insurance claims An insurance company claims that in the entire population of homeowners, the mean annual loss from fire is p= $250 with a stan- dard deviation of o $5000. The distribution of losses is strongly right-skewed: Many policies have $0 loss, but a few have large losses. Describe the shape of the sampling distribution of x for SRSS of size n 15 from the population of homeowners. Justify your answer. Describe the shape of the sampling distribution of x for SRSS of size n = 1000 from the population of homeowners. Justify your answer. @mirian 8
Quadratic Equation
When it comes to the concept of polynomial equations, quadratic equations can be said to be a special case. What does solving a quadratic equation mean? We will understand the quadratics and their types once we are familiar with the polynomial equations and their types.
Demand and Supply Function
The concept of demand and supply is important for various factors. One of them is studying and evaluating the condition of an economy within a given period of time. The analysis or evaluation of the demand side factors are important for the suppliers to understand the consumer behavior. The evaluation of supply side factors is important for the consumers in order to understand that what kind of combination of goods or what kind of goods and services he or she should consume in order to maximize his utility and minimize the cost. Therefore, in microeconomics both of these concepts are extremely important in order to have an idea that what exactly is going on in the economy.
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