Find the method of analysis that is needed to answer the question and indicate whether a hypothesis test should be conducted or a confidence interval should be found. Indicate whether the analysis will be done on a proportion, a mean , a difference in proportions, a difference in means, or a matched pairs difference in means.

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Answer 1

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Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Chapter C, Problem 1E

To determine

Find the method of analysis that is needed to answer the question and indicate whether a hypothesis test should be conducted or a confidence interval should be found.

Indicate whether the analysis will be done on a proportion, a mean, a difference in proportions, a difference in means, or a matched pairs difference in means.

Expert Solution & Answer

Answer to Problem 1E

The method of analysis that is needed to answer the question is a confidence interval.

The analysis will be done on a mean.

Explanation of Solution

Here, the average amount of money people spend in the store is estimated. Hence, the problem is based on estimating the mean.

Thus, the method of analysis that is needed to answer the question is a confidence interval, and the analysis will be done on a mean.

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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.

Answer 2

Question

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Chapter C, Problem 1E

To determine

Find the method of analysis that is needed to answer the question and indicate whether a hypothesis test should be conducted or a confidence interval should be found.

Indicate whether the analysis will be done on a proportion, a mean, a difference in proportions, a difference in means, or a matched pairs difference in means.

Expert Solution & Answer

Answer to Problem 1E

The method of analysis that is needed to answer the question is a confidence interval.

The analysis will be done on a mean.

Explanation of Solution

Here, the average amount of money people spend in the store is estimated. Hence, the problem is based on estimating the mean.

Thus, the method of analysis that is needed to answer the question is a confidence interval, and the analysis will be done on a mean.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Chapter C, Problem 1E

To determine

Find the method of analysis that is needed to answer the question and indicate whether a hypothesis test should be conducted or a confidence interval should be found.

Indicate whether the analysis will be done on a proportion, a mean, a difference in proportions, a difference in means, or a matched pairs difference in means.

Expert Solution & Answer

Answer to Problem 1E

The method of analysis that is needed to answer the question is a confidence interval.

The analysis will be done on a mean.

Explanation of Solution

Here, the average amount of money people spend in the store is estimated. Hence, the problem is based on estimating the mean.

Thus, the method of analysis that is needed to answer the question is a confidence interval, and the analysis will be done on a mean.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Chapter C, Problem 1E

To determine

Find the method of analysis that is needed to answer the question and indicate whether a hypothesis test should be conducted or a confidence interval should be found.

Indicate whether the analysis will be done on a proportion, a mean, a difference in proportions, a difference in means, or a matched pairs difference in means.

Expert Solution & Answer

Answer to Problem 1E

The method of analysis that is needed to answer the question is a confidence interval.

The analysis will be done on a mean.

Explanation of Solution

Here, the average amount of money people spend in the store is estimated. Hence, the problem is based on estimating the mean.

Thus, the method of analysis that is needed to answer the question is a confidence interval, and the analysis will be done on a mean.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter C, Problem 1E

To determine

Find the method of analysis that is needed to answer the question and indicate whether a hypothesis test should be conducted or a confidence interval should be found.

Indicate whether the analysis will be done on a proportion, a mean, a difference in proportions, a difference in means, or a matched pairs difference in means.

Expert Solution & Answer

Answer to Problem 1E

The method of analysis that is needed to answer the question is a confidence interval.

The analysis will be done on a mean.

Explanation of Solution

Here, the average amount of money people spend in the store is estimated. Hence, the problem is based on estimating the mean.

Thus, the method of analysis that is needed to answer the question is a confidence interval, and the analysis will be done on a mean.

Answer 6

Chapter C, Problem 1E

To determine

Find the method of analysis that is needed to answer the question and indicate whether a hypothesis test should be conducted or a confidence interval should be found.

Indicate whether the analysis will be done on a proportion, a mean, a difference in proportions, a difference in means, or a matched pairs difference in means.

Expert Solution & Answer

Answer to Problem 1E

The method of analysis that is needed to answer the question is a confidence interval.

The analysis will be done on a mean.

Explanation of Solution

Here, the average amount of money people spend in the store is estimated. Hence, the problem is based on estimating the mean.

Thus, the method of analysis that is needed to answer the question is a confidence interval, and the analysis will be done on a mean.

Answer 7

Chapter C, Problem 1E

To determine

Find the method of analysis that is needed to answer the question and indicate whether a hypothesis test should be conducted or a confidence interval should be found.

Indicate whether the analysis will be done on a proportion, a mean, a difference in proportions, a difference in means, or a matched pairs difference in means.

Answer 8

Expert Solution & Answer

Answer to Problem 1E

The method of analysis that is needed to answer the question is a confidence interval.

The analysis will be done on a mean.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Here, the average amount of money people spend in the store is estimated. Hence, the problem is based on estimating the mean.

Thus, the method of analysis that is needed to answer the question is a confidence interval, and the analysis will be done on a mean.

Answer 12

Ch. C - Prob. 1E Ch. C - Prob. 2E Ch. C - In Exercises C.1 to C.8, identify the method of...Ch. C - Prob. 4E Ch. C - Prob. 5E Ch. C - Prob. 6E Ch. C - In Exercises C.1 to C.8, identify the method of...Ch. C - Prob. 8E Ch. C - Prob. 9E Ch. C - Prob. 10E

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Answer to Problem 1E

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