Elementary Statistics
12th Edition
ISBN: 9780321836960
Author: Mario F. Triola
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 8.5, Problem 19BB
To determine
To find: The critical values of
To determine: Whether the critical value is close to
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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 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
- K The mean height of women in a country (ages 20-29) is 63.7 inches. A random sample of 65 women in this age group is selected. What is the probability that the mean height for the sample is greater than 64 inches? Assume σ = 2.68. The probability that the mean height for the sample is greater than 64 inches is (Round to four decimal places as needed.)arrow_forwardIn a survey of a group of men, the heights in the 20-29 age group were normally distributed, with a mean of 69.6 inches and a standard deviation of 4.0 inches. A study participant is randomly selected. Complete parts (a) through (d) below. (a) Find the probability that a study participant has a height that is less than 68 inches. The probability that the study participant selected at random is less than 68 inches tall is 0.4. (Round to four decimal places as needed.) 20 2arrow_forwardPEER 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?arrow_forward
- 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.arrow_forwardYou 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…arrow_forwardThe 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_forwardThe 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_forward
- Rose 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_forwardBusiness Discussarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage
Trigonometry (MindTap Course List)TrigonometryISBN:9781337278461Author:Ron LarsonPublisher:Cengage Learning
Functions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage Learning
Mathematics For Machine TechnologyAdvanced MathISBN:9781337798310Author:Peterson, John.Publisher:Cengage Learning,
Linear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:9781133382119
Author:Swokowski
Publisher:Cengage
Trigonometry (MindTap Course List)
Trigonometry
ISBN:9781337278461
Author:Ron Larson
Publisher:Cengage Learning
Functions and Change: A Modeling Approach to Coll...
Algebra
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Cengage Learning
Mathematics For Machine Technology
Advanced Math
ISBN:9781337798310
Author:Peterson, John.
Publisher:Cengage Learning,
Linear Algebra: A Modern Introduction
Algebra
ISBN:9781285463247
Author:David Poole
Publisher:Cengage Learning
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