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The mean annual premium for automobile insurance in the United States is $1503 (Insure.com website, March 6, 2014). Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1440 with a standard deviation of s $165. If required, enter negative values as negative numbers. a. Develop a hypothesis test that can be used to determine whether the mean annual premium in Pennsylvania is lower than the national mean annual premium. Ho: P greater than or equal to 1503 v Ha: P less than 1503 b. What is a point estimate of the difference between the mean annual premium in Pennsylvania and the national mean (to the nearest dollar)? -63 c. At a =.05, test for a significant difference by completing the following. Calculate the value of the test statistic (to 2 decimals).

The mean annual premium for automobile insurance in the United States is $1503 (Insure.com website, March 6, 2014). Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1440 with a standard deviation of s $165. If required, enter negative values as negative numbers. a. Develop a hypothesis test that can be used to determine whether the mean annual premium in Pennsylvania is lower than the national mean annual premium. Ho: P greater than or equal to 1503 v Ha: P less than 1503 b. What is a point estimate of the difference between the mean annual premium in Pennsylvania and the national mean (to the nearest dollar)? -63 c. At a =.05, test for a significant difference by completing the following. Calculate the value of the test statistic (to 2 decimals).

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
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The mean annual premium for automobile insurance in the United States is $1503 (Insure.com website, March 6, 2014). Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1440 with a standard deviation of s = $165. If required, enter negative values as negative numbers. a. Develop a hypothesis test that can be used to determine whether the mean annual premium in Pennsylvania is lower than the national mean annual premium. Ho: u greater than or equal to 1503 v Ha: P less than 1503 b. What is a point estimate of the difference between the mean annual premium in Pennsylvania and the national mean (to the nearest dollar)? -63 c. At a = .05, test for a significant difference by completing the following. Calculate the value of the test statistic (to 2 decimals). The p-value is between .025 and .05 v What is your conclusion? The population mean automobile premlum is lower In Pennsylvanla than the national mean.
Transcribed Image Text:The mean annual premium for automobile insurance in the United States is $1503 (Insure.com website, March 6, 2014). Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1440 with a standard deviation of s = $165. If required, enter negative values as negative numbers. a. Develop a hypothesis test that can be used to determine whether the mean annual premium in Pennsylvania is lower than the national mean annual premium. Ho: u greater than or equal to 1503 v Ha: P less than 1503 b. What is a point estimate of the difference between the mean annual premium in Pennsylvania and the national mean (to the nearest dollar)? -63 c. At a = .05, test for a significant difference by completing the following. Calculate the value of the test statistic (to 2 decimals). The p-value is between .025 and .05 v What is your conclusion? The population mean automobile premlum is lower In Pennsylvanla than the national mean.
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