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Small sample t-distribution hypothesis testing An insurance company is informed that its mean cost for handling a claim is $58.This is more than the industry average,so cost cutting measures were started that aimed at reducing costs.The insurance company carried out a study six months later to see if their efforts had been successful.They used a sample of  26 claims that had a sample mean of $55 and a sample standard deviation of $10.Use the .01 level of significance. Apply the Neyman Pearson CV test and the p-value test of Fisher to this problem.

Small sample t-distribution hypothesis testing An insurance company is informed that its mean cost for handling a claim is $58.This is more than the industry average,so cost cutting measures were started that aimed at reducing costs.The insurance company carried out a study six months later to see if their efforts had been successful.They used a sample of  26 claims that had a sample mean of $55 and a sample standard deviation of $10.Use the .01 level of significance. Apply the Neyman Pearson CV test and the p-value test of Fisher to this problem.

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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Small sample t-distribution hypothesis testing

An insurance company is informed that its mean cost for handling a claim is $58.This is more than the industry average,so cost cutting measures were started that aimed at reducing costs.The insurance company carried out a study six months later to see if their efforts had been successful.They used a sample of  26 claims that had a sample mean of $55 and a sample standard deviation of $10.Use the .01 level of significance. Apply the Neyman Pearson CV test and the p-value test of Fisher to this problem.

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