The accounting at GEICO notices that the average claim might be larger than $1800, which was previously set as a true average claim amount.
If the actual average is higher, the company will be loosing money in the long run. They ran domly select 45 claims, and calculate a sample mean of S1,920.
Suppose that the variance of claims is known to be equal to S1600.
(a) Set the significance level to α 0.05 and use the hypothesis testing to check if the average claim is larger than $1800.
(b) Find the probability of Type I error.
(c) Find the p-value corresponding to the given sample.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The accounting at GEICO notices that the average claim might be larger than $1800, which was previously set as a true average claim amount. ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Difference between a number divided by three and four is 20
Answers (1)
Simplify. (2y) ^3 • y^-1 Answer choices: A.) 2y^2 B.) 8y^2 C.) 1/2y^2 D.) 1/8y^2
Answers (1)
Three airlines serve a small town in Ohio. Airline A has 50% of all the scheduled flights, airline B has 30%, and Airline C has 20%. Their on-time rates are 80%, 65%, and 40%, respectively. A plane has just left on-time.
Answers (1)
keisha got a fish tank. It fits on table that is exactly 10 inches wide and 12 inches long. When the tank is filled, it can hold 1,800 cubic inches of water. What is the height of Keisha's fish tank?
Answers (1)
2. Jacob currently has a summer job earning $8 per hour. Each summer he is guaranteed a 5% increase over the previous summer. A. What is the initial value of Jacob's hourly rate? B. By what number is his hourly rate multiplied each year? Explain. C.
Answers (1)
New Questions in Mathematics
The temperature is changing every day by negative 7 over 18 degrees Fahrenheit. What will be the change in the temperature after 3 days?
Answers (1)
The equation of the polynomial function is: f (x) = (x + (2 + i)) (x + (2 - i)) (x + 5) f (x) = (x - (2 + i)) (x - (2 - i)) (x - 5) f (x) = (x - (2 + i)) (x - (2 - i)) f (x) = (x + (2 + i)) (x - (2 - i)) (x - 5)
Answers (1)
Andre owned a 1/4 acre lot. He wanted to construct a 120' x 80' tennis court on the lot. How many square feet will remain uncovered after he builds the tennis court?
Answers (1)
Mary is paid 7.5% commission on all of her sales. She had sales of $2300 for the month of December. How much commission did Mary make?
Answers (1)
What is the total weight in pounds of a 2.5 million blocks used to build the great pyramid and then convert that to ounces
Answers (1)