The mean annual premium for automobile insurance in the United States is $1503 (Insure.com website, March6, 2014). Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to developstatistical support for your opinion. A sample of 25 automobile insurance policies from the state of$165Pennsylvania showed a mean annual premium of $1440 with a standard deviation of s =If required, enter negative values as negative numbers.a. Develop a hypothesis test that can be used to determine whether the mean annual premium inPennsylvania is lower than the national mean annual premium.Но: иSelect your answer -H a P- Select your answer -b. What is a point estimate of the difference between the mean annual premium in Pennsylvania and thenational mean (to the nearest dollar)?.05, test for a significant difference by completing the following.c. At aCalculate the value of the test statistic (to 2 decimals)The p-value is- Select your answer -What is your conclusion?- Select your answer -

Given:The provided sample mean is = 1440 and the Sample standard deviation is s = 165, and the…

Answered: The mean annual premium for automobile…

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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The average salary for American college graduates is $45,900. You suspect that the average is different for graduates from your college. The 62 randomly selected graduates from your college had an average salary of $41,473 and a standard deviation of $14,360. What can be concluded at the a = 0.05 level of significance?
For a random sample of 47 high school seniors in the United States in 2019, the average of typical sleep time on a school night is 6.8 hours with a standard deviation of 1.2 hours. (Source: Data are downloaded from U.S. Census at School a) We want to test if the mean sleep time on a school night for all high school seniors in the United States is less than 7 hours. State the hypotheses of a one-sided significance test. b) ) Calculate the test statistic. I Show how to make a c) conclusion for this test, using the significance level 0.05. d) ) If your conclusion in part c) were in error, what type of error would it be? e) ) Construct a 95% confidence interval for the population mean sleep time on a school night for all high school seniors in the United States.
The manager of the local Walmart Supercenter is studying the number of items purchased by customers in the evening hours. Listed below is the number of items for a sample of 30 customers. 9 12 5 8 4 6 6 7 11 9 8 14 9 12 5 4 10 6 18 10 6 10 11 5 What is the mean number of items? What is the median number of items? What is the range of number of items? What is the standard deviation? About 95% of the number of items are between what two values? Lower limit 10 9 13 12 13 5 Organize the number of items into a frequency distribution. What is the lower limit of the second class? What is the mean of the data organized into a frequency distribution? What is the standard deviation of the data organized into a frequency distribution? Compare these values with those computed in parts (A) and (D). Why are they different? Upper limit
Does the sample size ? affect the standard deviation of all possible samplemeans? Explain your answer.
A local business offers test-taking courses for students who are planning to take the Graduate Record Examination (GRE) as part of their graduate school applications. The business promises to produce student test scores that are above the national average. You collect a random sample of 75 local students who have taken the course and calculate that their average GRE score is 1630 with a standard deviation of 320. The average GRE score for all students in the nation is 1590. Conduct a significance test at a=.05 to answer the research question: Does the course significantly improve local student GRE scores? What are the test requirements/assumptions for this significance test? Check all that apply. Random Sample Normal Sampling Distribution Interval-ratio variable of GRE scores With an alpha of .05, what is your critical score?
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. Although it requires a successful completion of three levels of grueling exams, it also entails promising careers with lucrative salaries. A student of finance is curious about the average salary of a CFA charterholder. He takes a random sample of 36 recent charterholders and computes a mean salary of $129,000 with a standard deviation of $22,000. Use this sample information to determine the 99% confidence interval for the average salary of a CFA charterholder. (You may find it useful to reference the t table. Round final answers to the nearest whole number.) Confidence interval
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. It is an attractive alternative to getting an MBA for students wanting a career in investment. A student of finance is curious to know if a CFA designation is a more lucrative option than an MBA. He collects data on 38 recent CFAs with a mean salary of $138,000 and a standard deviation of $34,000. A sample of 80 MBAs results in a mean salary of $130,000 with a standard deviation of $46,000.a) Specify the hypotheses to test whether a CFA designation is more lucrative than an MBA.b) Calculate the value of the test statistic and the p-value. Do not assume that the population variances are equal.c) At the 5% significance level, is a CFA designation more lucrative than an MBA?
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. It is an attractive alternative to getting an MBA for students wanting a career in investment. A student of finance is curious to know if a CFA designation is a more lucrative option than an MBA. He collects data on 36 recent CFAS with a mean salary of $145,000 and a standard deviation of $36,000. A sample of 47 MBAS results in a mean salary of $135,000 with a standard deviation of $24,000. Assume that H, is the population mean for individuals with a CFA designation and u, is the population mean of individuals with MBAS. (You may find it useful to reference the appropriate table: z table or t table) a. Set up the hypotheses to test if a CFA designation is more lucrative than an MBA at the 10% significance level. O Họ: 41- H2 = 0; HA: H1 - H2# 0 O Ho: 1-4220; HA H1 - 4200 b-1. Calculate the value of the test statistic. Do not assume that the population variances are…
The mean work week for engineers in start-up companies is claimed to be about 59 hours with a standard deviation of 6 hours. Kara, a newly hired engineer hopes that it's not (she wants it to be shorter). She asks 10 engineers in start-ups for the lengths of their mean work weeks. Their responses are 70; 45; 55; 60; 65; 55; 55; 60; 50; 55.a. Is the newly hired engineer testing a mean or a proportion? mean proportion Correct b. The null hypothesis (or company claim), in symbols, is μ=μ=Correct.c. If the claim is correct, what is the probability that a sample mean would be as low as Kara's mean?Incorrect %Give your answer as a percentage accurate to one decimal place.
The Journal of Mid-West Management reviewed a study that showed startingmsalaries for accounting majors averaged $ 22,510, with a standard deviation of $ 2,250. How likely is it that your starting salary is a. more than $21, 000? b. between $24, 000 and $26, 000?
A local business offers test-taking courses for students who are planning to take the Graduate Record Examination (GRE) as part of their graduate school applications. The business promises to produce student test scores that are above the national average. You collect a random sample of 75 local students who have taken the course and calculate that their average GRE score is 1630 with a standard deviation of 320. The average GRE score for all students in the nation is 1590. Conduct a significance test at a=.05 to answer the research question: Does the course significantly improve local student GRE scores? STEP ONE: What are the test requirements/assumptions for this significance test? Check all that apply. Group of answer choices a) Random Sample b) Normal Sampling Distribution c) Interval-ratio variable of GRE scores d) No answer text provided.
An article reports that blue eyed people earn less than brown eyed people. Average blue eyed salary, $35,000, average brown eyes $37,000, p-value 0.45. Based on that reported p-value and using the common definition of "statistical significance" which is the case?

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