Introduction To Statistics And Data Analysis
6th Edition
ISBN: 9781337793612
Author: PECK, Roxy.
Publisher: Cengage Learning,
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Chapter 9.1, Problem 1E
Three different statistics are being considered for estimating a population characteristic. The sampling distributions of the three statistics are shown in the following illustration:
Which statistic would you recommend? Explain your choice. (Hint: See the section on choosing a statistic.)
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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.
A population that is uniformly distributed between a=0and b=10 is given in sample sizes
50( ),
100( ),
250( ),
and
500( ).
Find the sample mean and the sample standard deviations for the given data. Compare your results to the average of means for a sample of size 10, and use the empirical rules to analyze the sampling error. For each sample, also find the standard error of the mean using formula given below.
Standard Error of the
Mean =sigma/Root
Complete the following table with the results from the sampling experiment.
(Round to four decimal places as needed.)
Sample Size
Average of 8 Sample Means
Standard Deviation of 8 Sample Means
Standard Error
50
100
250
500
A survey of
250250
young professionals found that
two dash thirdstwo-thirds
of them use their cell phones primarily for e-mail. Can you conclude statistically that the population proportion who use cell phones primarily for e-mail is less than
0.720.72?
Use a 95% confidence interval.
Question content area bottom
Part 1
The 95% confidence interval is
left bracket nothing comma nothing right bracket0.60820.6082, 0.72510.7251.
As
0.720.72
is
within the limits
of the confidence interval, we
cannot
conclude that the population proportion is less than
0.720.72.
(Use ascending order. Round to four decimal places as needed.)
Chapter 9 Solutions
Introduction To Statistics And Data Analysis
Ch. 9.1 - Three different statistics are being considered...Ch. 9.1 - a. Why is an unbiased statistic generally...Ch. 9.1 - The report The 2016 Consumer Financial Literacy...Ch. 9.1 - The authors of the paper Influence of Biofeedback...Ch. 9.1 - Each person in a random sample of 20 students at a...Ch. 9.1 - Suppose that each of 935 smokers received a...Ch. 9.1 - Given below are the sodium contents (in mg) for...Ch. 9.1 - A random sample of n = 12 four-year-old red pine...Ch. 9.1 - A random sample of 10 houses heated with natural...Ch. 9.2 - Explain which would result in a wider large-sample...
Ch. 9.2 - Explain which would result in a wider large-sample...Ch. 9.2 - The formula used to calculate a large-sample...Ch. 9.2 - The use of the interval p(zcriticalvalue)p(1p)n...Ch. 9.2 - For each of the following combinations of sample...Ch. 9.2 - Discuss how each of the following factors affects...Ch. 9.2 - The USA TODAY Snapshot titled Social Media...Ch. 9.2 - Based on data from a survey of 1200 randomly...Ch. 9.2 - The report Parents, Teens and Digital Monitoring...Ch. 9.2 - If a hurricane was headed your way, would you...Ch. 9.2 - The USA TODAY Snapshot titled Big Bang Theory (USA...Ch. 9.2 - The article Most Dog Owners Take More Pictures of...Ch. 9.2 - The Princeton Review 2016 College Hopes and...Ch. 9.2 - The USA TODAY Snapshot titled Babys First Photo...Ch. 9.2 - The report Job Seeker Nation Study...Ch. 9.2 - USA TODAY reported that the proportion of...Ch. 9.2 - The USA TODAY Snapshot titled Have a Nice Trip...Ch. 9.2 - Business Insider reported that a study...Ch. 9.2 - In 2010, the National Football League adopted new...Ch. 9.2 - The article Most Americans Dont Understand the...Ch. 9.2 - The Gallup Organization conducts an annual survey...Ch. 9.2 - The article Hospitals Dispute Medtronic Data on...Ch. 9.2 - Based on survey of a representative sample of 1000...Ch. 9.2 - A discussion of digital ethics appears in the...Ch. 9.2 - In spite of the potential safety hazards, some...Ch. 9.2 - In 2010, the online security firm Symantec...Ch. 9.3 - Given a variable that has at distribution with the...Ch. 9.3 - The formula used to calculate a confidence...Ch. 9.3 - USA TODAY reported that the average amount of...Ch. 9.3 - Samples of two different models of cars were...Ch. 9.3 - USA TODAY reported that the average amount of...Ch. 9.3 - The paper The Effects of Adolescent Volunteer...Ch. 9.3 - Medical research has shown that repeated wrist...Ch. 9.3 - Students in a representative sample of 65...Ch. 9.3 - The paper referenced in the previous exercise also...Ch. 9.3 - Suppose that a random sample of 50 bottles of a...Ch. 9.3 - The authors of the paper Driving Performance While...Ch. 9.3 - The article The Association Between Television...Ch. 9.3 - The paper Patterns and Composition of Weight...Ch. 9.3 - Because of safety considerations, in May 2003 the...Ch. 9.3 - Example 9.3 gave the following airborne times (in...Ch. 9.3 - Consumer Reports gave the following mileage...Ch. 9.3 - Five students visiting the student health center...Ch. 9.3 - The Bureau of Alcohol, Tobacco, and Firearms...Ch. 9.3 - The formula described in this section for...Ch. 9.4 - The following quote is from the article Credit...Ch. 9.4 - Authors of the news release titled Major Gaps...Ch. 9.4 - The paper The Curious Promiscuity of Queen Honey...Ch. 9.5 - A survey on SodaHead...Ch. 9.5 - Prob. 59ECh. 9.5 - Prob. 60ECh. 9.5 - Prob. 61ECh. 9.5 - Prob. 62ECh. 9.5 - Prob. 63ECh. 9.5 - Prob. 64ECh. 9.5 - Prob. 65ECh. 9.6 - Prob. 66ECh. 9.6 - Prob. 67ECh. 9.6 - Teams in the National Football League (NFL) are...Ch. 9.6 - Prob. 69ECh. 9.6 - The Economist collects data each year on the price...Ch. 9.6 - Major League Baseball (MLB) includes two groups of...Ch. 9 - The article Write It by Hand to Make It Stick...Ch. 9 - Prob. 73CRCh. 9 - The report The 2016 Consumer Financial Literacy...Ch. 9 - The report The Politics of Climate (Pew Research...Ch. 9 - The report referenced in the previous exercise...Ch. 9 - Data from a survey of a representative sample was...Ch. 9 - A manufacturer of small appliances purchases...Ch. 9 - A manufacturer of college textbooks is interested...Ch. 9 - The confidence intervals presented in this chapter...Ch. 9 - Prob. 81CRCh. 9 - The interval from 2.33 to 1.75 captures an area of...
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- I need help with this problem and an explanation of the solution for the image described below. (Statistics: Engineering Probabilities)arrow_forwardA survey of 250 young professionals found that two-thirds of them use their cell phones primarily for e-mail. Can you conclude statistically that the population proportion who use cell phones primarily for e-mail is less than 0.72? Use a 95% confidence interval. Question content area bottom Part 1 The 95% confidence interval is [ ], [ ] As 0.72 is ▼ above the upper limit within the limits below the lower limit of the confidence interval, we ▼ can cannot conclude that the population proportion is less than 0.72. (Use ascending order. Round to four decimal places as needed.)arrow_forwardI need help with this problem and an explanation of the solution for the image described below. (Statistics: Engineering Probabilities)arrow_forward
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