Essentials of Statistics (5th Edition)
5th Edition
ISBN: 9780321924599
Author: Mario F. Triola
Publisher: PEARSON
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Chapter 1.3, Problem 2BSC
To determine
To find: The difference between quantitative data and categorical data.
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Questions
An insurance company's cumulative incurred claims for the last 5 accident years are given
in the following table:
Development Year
Accident Year 0
2018
1 2 3 4
245 267 274 289 292
2019
255 276 288 294
2020
265 283 292
2021
263 278
2022
271
It can be assumed that claims are fully run off after 4 years. The premiums received for
each year are:
Accident Year Premium
2018
306
2019
312
2020
318
2021
326
2022
330
You do not need to make any allowance for inflation.
1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method.
(b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method.
2. Comment on the differences in the reserves produced by the methods in Part 1.
To help consumers in purchasing a laptop computer, Consumer Reports calculates an overall test score for each computer tested based upon rating factors such as ergonomics, portability, performance, display, and battery life. Higher overall scores indicate better test results. The following data show the average retail price and the overall score for ten 13-inch models (Consumer Reports website, October 25, 2012).
Brand & Model
Price ($)
Overall Score
Samsung Ultrabook NP900X3C-A01US
1250
83
Apple MacBook Air MC965LL/A
1300
83
Apple MacBook Air MD231LL/A
1200
82
HP ENVY 13-2050nr Spectre XT
950
79
Sony VAIO SVS13112FXB
800
77
Acer Aspire S5-391-9880 Ultrabook
1200
74
Apple MacBook Pro MD101LL/A
1200
74
Apple MacBook Pro MD313LL/A
1000
73
Dell Inspiron I13Z-6591SLV
700
67
Samsung NP535U3C-A01US
600
63
a. Select a scatter diagram with price as the independent variable.
b. What does the scatter diagram developed in part (a) indicate about the relationship…
To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer’s adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. If a taxpayer claims larger than average itemized deductions for a given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of itemized deductions follow.
Adjusted Gross Income ($1000s)
Reasonable Amount ofItemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85
17.7
120
25.5
Compute b1 and b0 (to 4 decimals).b1 b0 Complete the estimated regression equation (to 2 decimals). = + x
Predict a reasonable level of total itemized deductions for a taxpayer with an adjusted gross income of $52.5 thousand (to 2 decimals). thousand dollarsWhat is the value, in dollars, of…
Chapter 1 Solutions
Essentials of Statistics (5th Edition)
Ch. 1.2 - Statistical Significance versus Practical...Ch. 1.2 - Source of Data In conducting a statistical study,...Ch. 1.2 - Voluntary Response Sample What is a voluntary...Ch. 1.2 - Correlation and Causation What is meant by the...Ch. 1.2 - Consider the Source. In Exercises 5-8, determine...Ch. 1.2 - Consider the Source. In Exercises 5-8, determine...Ch. 1.2 - Consider the Source. In Exercises 5-8, determine...Ch. 1.2 - Consider the Source. In Exercises 5-8, determine...Ch. 1.2 - Sampling Method. In Exercises 9-12, determine...Ch. 1.2 - Sampling Method. In Exercises 9-12, determine...
Ch. 1.2 - Sampling Method. In Exercises 9-12, determine...Ch. 1.2 - Sampling Method. In Exercises 9-12, determine...Ch. 1.2 - Statistical Significance and Practical...Ch. 1.2 - Statistical Significance and Practical...Ch. 1.2 - Statistical Significance and Practical...Ch. 1.2 - Statistical Significance and Practical...Ch. 1.2 - In Exercises 17-20, refer to the data in the table...Ch. 1.2 - In Exercises 17-20, refer to the data in the table...Ch. 1.2 - Prob. 19BSCCh. 1.2 - Conclusion If we use the listed pulse rates with...Ch. 1.2 - In Exercises 21-24, refer to the data in the table...Ch. 1.2 - Prob. 22BSCCh. 1.2 - Prob. 23BSCCh. 1.2 - In Exercises 21-24, refer to the data in the table...Ch. 1.2 - Prob. 25BSCCh. 1.2 - Whats Wrong? In Exercises 25-28, identify what is...Ch. 1.2 - Whats Wrong? In Exercises 25-28, identify what is...Ch. 1.2 - Prob. 28BSCCh. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Prob. 32BSCCh. 1.2 - Percentages in Advertising An ad for Big Skinny...Ch. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Percentages in Advertising A New York Times...Ch. 1.2 - ATV Accidents The Associated Press provided an...Ch. 1.2 - Falsifying Data A researcher at the...Ch. 1.2 - Whats Wrong with This Picture? The Newport...Ch. 1.3 - Parameter and Statistic What is a parameter, and...Ch. 1.3 - Prob. 2BSCCh. 1.3 - Discrete/Continuous Data Which of the following...Ch. 1.3 - Identifying the Population In a Gallup poll of...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - Prob. 17BSCCh. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - Prob. 19BSCCh. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - Prob. 23BSCCh. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 29-32, identify the level of...Ch. 1.3 - In Exercises 29-32, identify the level of...Ch. 1.3 - In Exercises 29-32, identify the level of...Ch. 1.3 - In Exercises 29-32, identify the level of...Ch. 1.3 - Countable For each of the following, categorize...Ch. 1.3 - Scale for Rating Food A group of students develops...Ch. 1.3 - Interpreting Temperature Increase In the Born...Ch. 1.4 - Simple Random Sample At a national conference of...Ch. 1.4 - Observational Study and Experiment You want to...Ch. 1.4 - Simple Random Convenience Sample A student of the...Ch. 1.4 - Convenience Sample The author conducted a survey...Ch. 1.4 - In Exercises 5-8, determine whether the given...Ch. 1.4 - In Exercises 5-8, determine whether the given...Ch. 1.4 - In Exercises 5-8, determine whether the given...Ch. 1.4 - In Exercises 5-8, determine whether the given...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Prob. 23BSCCh. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Prob. 27BBCh. 1.4 - In Exercises 27-30, indicate whether the...Ch. 1.4 - In Exercises 27-30, indicate whether the...Ch. 1.4 - In Exercises 27-30, indicate whether the...Ch. 1.4 - In Exercises 31-34, identify which of these...Ch. 1.4 - In Exercises 31-34, identify which of these...Ch. 1.4 - Prob. 33BBCh. 1.4 - In Exercises 33-36, identify which of these...Ch. 1.4 - Blinding For the study described in Exercise 34,...Ch. 1.4 - Sample Design Literacy In Cardiovascular Effects...Ch. 1 - Chicago Bulls The numbers of the current players...Ch. 1 - Chicago Bulls Which of the following best...Ch. 1 - Earthquake Depths Data Set 16 includes depths (km)...Ch. 1 - Earthquake Depths Are the earthquake depths...Ch. 1 - Earthquake Depths Which of the following best...Ch. 1 - Earthquake Depths True or false: If you construct...Ch. 1 - Prob. 7CQQCh. 1 - Parameter and Statistic In a recent Gallup poll,...Ch. 1 - Observational Study or Experiment Are the data...Ch. 1 - 10. Statistical Significance and Practical...Ch. 1 - Walmart Stores Currently, there are 4227 Walmart...Ch. 1 - Whats Wrong? A survey sponsored by the American...Ch. 1 - Whats Wrong? A survey included 4230 responses from...Ch. 1 - Sampling Seventy-two percent of Americans squeeze...Ch. 1 - Percentages a. The labels on U-Turn protein energy...Ch. 1 - Why the Discrepancy? A Gallup poll was taken two...Ch. 1 - Statistical Significance and Practical...Ch. 1 - Marijuana Survey In a recent Pew poll of 1500...Ch. 1 - Marijuana Survey Identify the type of sampling...Ch. 1 - Marijuana Survey Exercise 8 referred to a Pew poll...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - Prob. 5CRECh. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - Simple Random Sample In this project, we will use...Ch. 1 - Critical Thinking The concept of six degrees of...Ch. 1 - Critical Thinking The concept of six degrees of...
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