Thanks in advance... The president of the American Insurance Institute wants to compare the yearly costs of auto insurance offered by two leadingcompanies. He selects a sample of 15 families, some with only a single insured driver, others with several teenage drivers, and payseach family a stipend to contact the two companies and ask for a price quote. To make the data comparable, certain features, such asthe deductible amount and limits of liability, are standardized. The data for the sample of families and their two insurance quotes arereported in the table.Midstates CarGecko MutualFamilyBeckerInsuranceInsurance$1,6101,2472,3271,3671,461$2,090BerryCobb1,6831,4021,830DebuckDuBrul930Eckroate1,7891,6211,9141,9561,7721,3751,5271,7671,6361,188697German1,741Glasson1,1291,0181,8811,571KingKucicMeredithObeid874PricePhillipsTresize1,5791,577860E Click here for the Excel Data FileAt the 10 significance level, can we conclude that there is a difference in the amounts quoted?a. What are the null and alternate hypotheses?O Ho: Hd=0 H:O Ho: Ha#0 Hhi Hd=0O Ho: Hd= 0 H: Hd=0b. Compute the test statistic. (Negative amounts should be indicated by a minus sign. Round your answer to 3 decimal places.)Test statistic b. Compute the test statistic. (Negative amounts should be indicated by a minus sign. Round your answer to 3 decimal places.)Test statisticc. Compute the p-value. NOTE: P-value calculators are available through online search. (Round your answer to 4 decimal places.)p-valued. What is your decision regarding the null hypothesis?O Reject HeO Do not reject Hge. Interpret the result.There isEin the mean insurance price.differenceno difference

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Math

Statistics

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

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Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.

Topic Video

Question

Thanks in advance...

The president of the American Insurance Institute wants to compare the yearly costs of auto insurance offered by two leading
companies. He selects a sample of 15 families, some with only a single insured driver, others with several teenage drivers, and pays
each family a stipend to contact the two companies and ask for a price quote. To make the data comparable, certain features, such as
the deductible amount and limits of liability, are standardized. The data for the sample of families and their two insurance quotes are
reported in the table.
Midstates Car
Gecko Mutual
Family
Becker
Insurance
Insurance
$1,610
1,247
2,327
1,367
1,461
$2,090
Berry
Cobb
1,683
1,402
1,830
Debuck
DuBrul
930
Eckroate
1,789
1,621
1,914
1,956
1,772
1,375
1,527
1,767
1,636
1,188
697
German
1,741
Glasson
1,129
1,018
1,881
1,571
King
Kucic
Meredith
Obeid
874
Price
Phillips
Tresize
1,579
1,577
860
E Click here for the Excel Data File
At the 10 significance level, can we conclude that there is a difference in the amounts quoted?
a. What are the null and alternate hypotheses?
O Ho: Hd=0 H:
O Ho: Ha#0 Hhi Hd=0
O Ho: Hd= 0 H: Hd=0
b. Compute the test statistic. (Negative amounts should be indicated by a minus sign. Round your answer to 3 decimal places.)
Test statistic

b. Compute the test statistic. (Negative amounts should be indicated by a minus sign. Round your answer to 3 decimal places.)
Test statistic
c. Compute the p-value. NOTE: P-value calculators are available through online search. (Round your answer to 4 decimal places.)
p-value
d. What is your decision regarding the null hypothesis?
O Reject He
O Do not reject Hg
e. Interpret the result.
There is
Ein the mean insurance price.
difference
no difference

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