EBK ESSENTIALS OF STATISTICS FOR BUSINE
8th Edition
ISBN: 8220103648783
Author: Anderson
Publisher: CENGAGE L
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Chapter 8.2, Problem 20E
Automobile Insurance Premiums. The average annual premium for automobile insurance in the United States is $1503. The following annual premiums ($) are representative of the website’s findings for the state of Michigan.
Assume the population is approximately normal.
- a. Provide a point estimate of the
mean annual automobile insurance premium in Michigan. - b. Develop a 95% confidence interval for the mean annual automobile insurance premium in Michigan.
- c. Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the United States? What is your interpretation of the relationship between auto insurance premiums in Michigan and the national average?
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For unemployed persons in the United States, the average number of months of unemployment at the end of December 2009 was approximately seven months (Bureau of Labor Statistics, January 2010). Suppose the following data are for a particular region in upstate New York. The values in the first column show the number of
months unemployed and the values in the second column show the corresponding number of unemployed persons.
Months
Unemployed
Number
Unemployed
1
1029
2
1686
3
2269
4
2675
5
3487
6
4652
7
4145
8
3587
9
2325
10
1120
Let x be a random variable indicating the number of months a person is unemployed.
a. Use the data to develop an empirical discrete probability distribution for x (to 4 decimals).
(x)
f(x)
1
2
3
4
5
6
7
8
9
10
b. Show that your probability distribution satisfies the conditions for a valid discrete probability distribution.
The input in the box below will not be graded, but may be reviewed and considered by your instructor.
blank
c. What is the probability that a…
West Virginia has one of the highest divorce rates in the nation, with an annual rate of approximately 5 divorces per 1000 people (Centers for Disease Control and Prevention website, January 12, 2012). The Marital Counseling Center, Inc. (MCC) thinks that the high divorce rate in the state may require them to hire additional staff.
Working with a consultant, the management of MCC has developed the following probability distribution for x = the number of new clients for marriage counseling for the next year.
Excel File: data05-19.xls
x
10
f(x)
.05
20
30
.10
.10
40
.20
50
60
.35
.20
a. Is this probability distribution valid?
- Select your answer-
Explain.
f(x)
Σf(x)
Select your answer
Select your answer
b. What is the probability MCC will obtain more than 30 new clients (to 2 decimals)?
c. What is the probability MCC will obtain fewer than 20 new clients (to 2 decimals)?
d. Compute the expected value and variance of x.
Expected value
Variance
clients per year
squared clients per year
For unemployed persons in the United States, the average number of months of unemployment at the end of December 2009 was approximately seven months (Bureau of Labor Statistics, January 2010). Suppose the following data are for a particular region in upstate New York. The values in the first column show the number of
months unemployed and the values in the second column show the corresponding number of unemployed persons.
Months
Unemployed
Number
Unemployed
1
1029
2
1686
3
2269
4
2675
5
3487
6
4652
7
4145
8
3587
9
2325
10
1120
Let x be a random variable indicating the number of months a person is unemployed.
a. Use the data to develop an empirical discrete probability distribution for x (to 4 decimals).
(x)
f(x)
1
2
3
4
5
6
7
8
9
10
b. Show that your probability distribution satisfies the conditions for a valid discrete probability distribution.
The input in the box below will not be graded, but may be reviewed and considered by your instructor.
c. What is the probability that a person…
Chapter 8 Solutions
EBK ESSENTIALS OF STATISTICS FOR BUSINE
Ch. 8.1 - A simple random sample of 40 items resulted in a...Ch. 8.1 - 2. A simple random sample of 50 items from a...Ch. 8.1 - A simple random sample of 60 items resulted in a...Ch. 8.1 - 4. A 95% confidence interval for a population mean...Ch. 8.1 - Data were collected on the amount spent by 64...Ch. 8.1 - Travel Taxes. In an attempt to assess total daily...Ch. 8.1 - 7. The average annual cost of the first year of...Ch. 8.1 - Studies show that massage therapy has a variety of...Ch. 8.1 - Cost to Repair Fire Damage. The mean cost to...Ch. 8.1 - 10. Costs are rising for all kinds of medical...
Ch. 8.2 - For a t distribution with 16 degrees of freedom,...Ch. 8.2 - Find the t value(s) for each of the following...Ch. 8.2 - The following sample data are from a normal...Ch. 8.2 - A simple random sample with n = 54 provided a...Ch. 8.2 - 15. Sales personnel for Skillings Distributors...Ch. 8.2 - Years to Bond Maturity. A sample containing years...Ch. 8.2 - Quality Ratings of Airports. The International Air...Ch. 8.2 - Unemployment in Older Workers. Older people often...Ch. 8.2 - Meal Cost in Hong Kong. The mean cost of a meal...Ch. 8.2 - Automobile Insurance Premiums. The average annual...Ch. 8.2 - Telemedicine. Health insurers are beginning to...Ch. 8.2 - Movie Ticket Sales. Marvel Studios motion picture...Ch. 8.3 - 23. How large a sample should be selected to...Ch. 8.3 - The range for a set of data is estimated to be 36....Ch. 8.3 - Refer to the Scheer Industries example in Section...Ch. 8.3 - Prob. 26ECh. 8.3 - Prob. 27ECh. 8.3 - 28. Many medical professionals believe that eating...Ch. 8.3 - 29. Customers arrive at a movie theater at the...Ch. 8.3 - Prob. 30ECh. 8.4 - A simple random sample of 400 individuals provides...Ch. 8.4 - A simple random sample of 800 elements generates a...Ch. 8.4 - In a survey, the planning value for the population...Ch. 8.4 - At 95% confidence, how large a sample should be...Ch. 8.4 - Prob. 35ECh. 8.4 - According to statistics reported on CNBC, a...Ch. 8.4 - Prob. 37ECh. 8.4 - 38. According to Franchise business review, over...Ch. 8.4 - In 16% of all homes with a stay-at-home parent,...Ch. 8.4 - Prob. 40ECh. 8.4 - Prob. 41ECh. 8.4 - 42. A poll for the presidential campaign sampled...Ch. 8.4 - Prob. 43ECh. 8 - 44. A sample survey of 54 discount brokers showed...Ch. 8 - 45. A survey conducted by the American Automobile...Ch. 8 - 46. The 92 million Americans of age 50 and over...Ch. 8 - Prob. 47SECh. 8 - The Health Care Cost Institute tracks health care...Ch. 8 - Prob. 49SECh. 8 - Prob. 50SECh. 8 - 51. In developing patient appointment schedules, a...Ch. 8 - Prob. 52SECh. 8 - 53. The National Center for Education Statistics...Ch. 8 - A USA Today/CNN/Gallup survey of 369 working...Ch. 8 - Prob. 55SECh. 8 - Prob. 56SECh. 8 - The Centers for Disease Control reported the...Ch. 8 - A well-known bank credit card firm wishes to...Ch. 8 - Prob. 59SECh. 8 - 60. Although airline schedules and cost are...Ch. 8 - Young Professional Magazine Young Professional...Ch. 8 - Gulf Real Estate Properties Gulf Real Estate...Ch. 8 - Metropolitan Research, Inc.
Metropolitan Research,...
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