Elementary Statistics
12th Edition
ISBN: 9780321836960
Author: Mario F. Triola
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 8.2, Problem 1BSC
M&Ms and Aspirin A package label includes a claim that the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
PEER REPLY 1:
Choose a classmate's Main Post and review their decision making process.
1. Choose a risk level for each of the states of nature (assign a probability
value to each).
2. Explain why each risk level is chosen.
3. Which alternative do you believe would be the best based on the maximum
EMV?
4. Do you feel determining the expected value with perfect information
(EVWPI) is worthwhile in this situation? Why or why not?
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.
You are provided with data that includes all 50 states of the United States. Your task is to draw a sample of: o 20 States using Random Sampling (2 points: 1 for random number generation; 1 for random sample) o 10 States using Systematic Sampling (4 points: 1 for random numbers generation; 1 for random sample different from the previous answer; 1 for correct K value calculation table; 1 for correct sample drawn by using systematic sampling) (For systematic sampling, do not use the original data directly. Instead, first randomize the data, and then use the randomized dataset to draw your sample. Furthermore, do not use the random list previously generated, instead, generate a new random sample for this part. For more details, please see the snapshot provided at the end.) Upload a Microsoft Excel file with two separate sheets. One sheet provides random sampling while the other provides systematic sampling. Excel snapshots that can help you in organizing columns are provided on the next…
Chapter 8 Solutions
Elementary Statistics
Ch. 8.2 - MMs and Aspirin A package label includes a claim...Ch. 8.2 - Estimates and Hypothesis Tests Data Set 20 in...Ch. 8.2 - Mean Body Temperature A formal hypothesis test is...Ch. 8.2 - Interpreting P-value The Ericsson method is one of...Ch. 8.2 - Stating Conclusions About Claims. In Exercises...Ch. 8.2 - Stating Conclusions About Claims. In Exercises...Ch. 8.2 - Stating Conclusions About Claims. In Exercises...Ch. 8.2 - Stating Conclusions About Claims. In Exercises...Ch. 8.2 - Forming Conclusions. In Exercises 9-12, refer to...Ch. 8.2 - Forming Conclusions. In Exercises 9-12, refer to...
Ch. 8.2 - Prob. 11BSCCh. 8.2 - Forming Conclusions. In Exercises 9-12, refer to...Ch. 8.2 - Prob. 13BSCCh. 8.2 - Finding Test Statistics. In Exercises 13-16 find A...Ch. 8.2 - Prob. 15BSCCh. 8.2 - Finding Test Statistics. In Exercises 13-16 find A...Ch. 8.2 - Prob. 17BSCCh. 8.2 - Finding P-Values and Critical Values. In Exercises...Ch. 8.2 - Prob. 19BSCCh. 8.2 - Finding P-Values and Critical Values. In Exercises...Ch. 8.2 - Prob. 21BSCCh. 8.2 - Finding P-Values and Critical Values. In Exercises...Ch. 8.2 - Finding P-Values and Critical Values. In Exercises...Ch. 8.2 - Prob. 24BSCCh. 8.2 - Prob. 25BSCCh. 8.2 - Stating Conclusions. In Exercises 25-28, assume a...Ch. 8.2 - Prob. 27BSCCh. 8.2 - Stating Conclusions. In Exercises 25-28, assume a...Ch. 8.2 - Prob. 29BSCCh. 8.2 - Terminology. In Exercises 29 and 30, use the given...Ch. 8.2 - Prob. 31BSCCh. 8.2 - Type I and Type II Errors. In Exercises 31-34,...Ch. 8.2 - Type I and Type II Errors. In Exercises 31-34,...Ch. 8.2 - Prob. 34BSCCh. 8.2 - Interpreting Power Chantix tablets are used as an...Ch. 8.2 - Calculating Power Consider a hypothesis test of...Ch. 8.2 - Finding Sample Size to Achieve Power Researchers...Ch. 8.3 - Prob. 1BSCCh. 8.3 - Prob. 2BSCCh. 8.3 - Prob. 3BSCCh. 8.3 - Prob. 4BSCCh. 8.3 - Using Technology. In Exercises 5-8, identify the...Ch. 8.3 - Prob. 6BSCCh. 8.3 - Prob. 7BSCCh. 8.3 - Prob. 8BSCCh. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Prob. 10BSCCh. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Prob. 13BSCCh. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Prob. 29BSCCh. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Prob. 33BSCCh. 8.3 - Large Data Sets. In Exercises 33 and 34, use the...Ch. 8.3 - Prob. 35BBCh. 8.3 - Using Confidence Intervals to Test Hypotheses When...Ch. 8.3 - Prob. 37BBCh. 8.4 - Video Games: Checking Requirements Twelve...Ch. 8.4 - df If we are using the sample data from Exercise 1...Ch. 8.4 - Prob. 3BSCCh. 8.4 - Prob. 4BSCCh. 8.4 - Prob. 5BSCCh. 8.4 - Prob. 6BSCCh. 8.4 - Finding P-values. In Exercises 5-8, either use...Ch. 8.4 - Finding P-values. In Exercises 5-8, either use...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Prob. 10BSCCh. 8.4 - Prob. 11BSCCh. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Prob. 14BSCCh. 8.4 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Prob. 17BSCCh. 8.4 - Prob. 18BSCCh. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Large Data Sets from Appendix B. In Exercise...Ch. 8.4 - Large Data Sets from Appendix B. In Exercise...Ch. 8.4 - Prob. 27BSCCh. 8.4 - Prob. 28BSCCh. 8.4 - Prob. 29BBCh. 8.4 - Prob. 30BBCh. 8.4 - Hypothesis Tests with Known . In Exercises 29-32,...Ch. 8.4 - Hypothesis Tests with Known . In Exercises 29-32,...Ch. 8.4 - Prob. 33BBCh. 8.4 - Prob. 34BBCh. 8.4 - Interpreting Power For Example 1 in this section,...Ch. 8.5 - Requirements If we want to use the sample data...Ch. 8.5 - Confidence Interval Method of Hypothesis Testing...Ch. 8.5 - Hypothesis Test For the sample data from Exercise...Ch. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Prob. 8BSCCh. 8.5 - Prob. 9BSCCh. 8.5 - Prob. 10BSCCh. 8.5 - Prob. 11BSCCh. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Prob. 13BSCCh. 8.5 - Prob. 14BSCCh. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Prob. 17BSCCh. 8.5 - Prob. 18BSCCh. 8.5 - Prob. 19BBCh. 8.5 - Prob. 20BBCh. 8 - Wristwatch Accuracy Students of the author...Ch. 8 - Wristwatch Accuracy Students of the author...Ch. 8 - Prob. 3CQQCh. 8 - Normality For the hypothesis test in Exercise 1,...Ch. 8 - Prob. 5CQQCh. 8 - P-Value Kind the P-value in a test of the claim...Ch. 8 - Prob. 7CQQCh. 8 - Prob. 8CQQCh. 8 - Conclusions True or false: In hypothesis testing,...Ch. 8 - Prob. 10CQQCh. 8 - Prob. 1RECh. 8 - Leisure Time In a Gallup poll, 1010 adults were...Ch. 8 - Prob. 3RECh. 8 - Prob. 4RECh. 8 - Prob. 5RECh. 8 - Monitoring Lead in Air Listed below are measured...Ch. 8 - Prob. 7RECh. 8 - Prob. 8RECh. 8 - Prob. 9RECh. 8 - Prob. 10RECh. 8 - Dictionary Words A simple random sample of pages...Ch. 8 - Prob. 2CRECh. 8 - Prob. 3CRECh. 8 - Hypothesis Test for Dictionary Words Refer to the...Ch. 8 - Prob. 5CRECh. 8 - Prob. 6CRECh. 8 - Prob. 7CRECh. 8 - Prob. 8CRECh. 8 - Prob. 9CRECh. 8 - Prob. 10CRE
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- The population mean and standard deviation are given below. Find the required probability and determine whether the given sample mean would be considered unusual. For a sample of n = 65, find the probability of a sample mean being greater than 225 if μ = 224 and σ = 3.5. For a sample of n = 65, the probability of a sample mean being greater than 225 if μ=224 and σ = 3.5 is 0.0102 (Round to four decimal places as needed.)arrow_forward***Please do not just simply copy and paste the other solution for this problem posted on bartleby as that solution does not have all of the parts completed for this problem. Please answer this I will leave a like on the problem. The data needed to answer this question is given in the following link (file is on view only so if you would like to make a copy to make it easier for yourself feel free to do so) https://docs.google.com/spreadsheets/d/1aV5rsxdNjHnkeTkm5VqHzBXZgW-Ptbs3vqwk0SYiQPo/edit?usp=sharingarrow_forwardThe data needed to answer this question is given in the following link (file is on view only so if you would like to make a copy to make it easier for yourself feel free to do so) https://docs.google.com/spreadsheets/d/1aV5rsxdNjHnkeTkm5VqHzBXZgW-Ptbs3vqwk0SYiQPo/edit?usp=sharingarrow_forward
- The following relates to Problems 4 and 5. Christchurch, New Zealand experienced a major earthquake on February 22, 2011. It destroyed 100,000 homes. Data were collected on a sample of 300 damaged homes. These data are saved in the file called CIEG315 Homework 4 data.xlsx, which is available on Canvas under Files. A subset of the data is shown in the accompanying table. Two of the variables are qualitative in nature: Wall construction and roof construction. Two of the variables are quantitative: (1) Peak ground acceleration (PGA), a measure of the intensity of ground shaking that the home experienced in the earthquake (in units of acceleration of gravity, g); (2) Damage, which indicates the amount of damage experienced in the earthquake in New Zealand dollars; and (3) Building value, the pre-earthquake value of the home in New Zealand dollars. PGA (g) Damage (NZ$) Building Value (NZ$) Wall Construction Roof Construction Property ID 1 0.645 2 0.101 141,416 2,826 253,000 B 305,000 B T 3…arrow_forwardRose Par posted Apr 5, 2025 9:01 PM Subscribe To: Store Owner From: Rose Par, Manager Subject: Decision About Selling Custom Flower Bouquets Date: April 5, 2025 Our shop, which prides itself on selling handmade gifts and cultural items, has recently received inquiries from customers about the availability of fresh flower bouquets for special occasions. This has prompted me to consider whether we should introduce custom flower bouquets in our shop. We need to decide whether to start offering this new product. There are three options: provide a complete selection of custom bouquets for events like birthdays and anniversaries, start small with just a few ready-made flower arrangements, or do not add flowers. There are also three possible outcomes. First, we might see high demand, and the bouquets could sell quickly. Second, we might have medium demand, with a few sold each week. Third, there might be low demand, and the flowers may not sell well, possibly going to waste. These outcomes…arrow_forwardConsider the state space model X₁ = §Xt−1 + Wt, Yt = AX+Vt, where Xt Є R4 and Y E R². Suppose we know the covariance matrices for Wt and Vt. How many unknown parameters are there in the model?arrow_forward
- Business Discussarrow_forwardYou want to obtain a sample to estimate the proportion of a population that possess a particular genetic marker. Based on previous evidence, you believe approximately p∗=11% of the population have the genetic marker. You would like to be 90% confident that your estimate is within 0.5% of the true population proportion. How large of a sample size is required?n = (Wrong: 10,603) Do not round mid-calculation. However, you may use a critical value accurate to three decimal places.arrow_forward2. [20] Let {X1,..., Xn} be a random sample from Ber(p), where p = (0, 1). Consider two estimators of the parameter p: 1 p=X_and_p= n+2 (x+1). For each of p and p, find the bias and MSE.arrow_forward
- 1. [20] The joint PDF of RVs X and Y is given by xe-(z+y), r>0, y > 0, fx,y(x, y) = 0, otherwise. (a) Find P(0X≤1, 1arrow_forward4. [20] Let {X1,..., X} be a random sample from a continuous distribution with PDF f(x; 0) = { Axe 5 0, x > 0, otherwise. where > 0 is an unknown parameter. Let {x1,...,xn} be an observed sample. (a) Find the value of c in the PDF. (b) Find the likelihood function of 0. (c) Find the MLE, Ô, of 0. (d) Find the bias and MSE of 0.arrow_forward3. [20] Let {X1,..., Xn} be a random sample from a binomial distribution Bin(30, p), where p (0, 1) is unknown. Let {x1,...,xn} be an observed sample. (a) Find the likelihood function of p. (b) Find the MLE, p, of p. (c) Find the bias and MSE of p.arrow_forwardarrow_back_iosSEE MORE QUESTIONSarrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Hypothesis Testing using Confidence Interval Approach; Author: BUM2413 Applied Statistics UMP;https://www.youtube.com/watch?v=Hq1l3e9pLyY;License: Standard YouTube License, CC-BY
Hypothesis Testing - Difference of Two Means - Student's -Distribution & Normal Distribution; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=UcZwyzwWU7o;License: Standard Youtube License