Question

Use the following information to complete the following statements in questions 1. An insurance company is...

  1. Use the following information to complete the following statements in questions 1.

    An insurance company is reviewing its current policy rates. When originally setting the rates, they believed that the average claim amount was $1,500. They are concerned that the true mean is actually higher than this, because they could potentially lose a lot of money. The company is interested in making an inference about the population mean as follows:

    Null hypothesis: the true mean is _____ higher than $1,500.
    Alternative hypothesis: the true mean is _____ higher than $1,500.

    a.

    Actually, not actually.
    b.

    Not actually, actually.
    c.

    Neither A or B.

1 points   

QUESTION 2

  1. Express the following hypothesis test mathematically: Null hypothesis: the true mean is larger than or equal to $6000.00. Alternative hypothesis: the true mean is smaller than $6000.00.

    a.

    Ho : μ ≥ 6000, Ha : μ < 6000
    b.

    Ho : μ > 6000, Ha : μ < 6000
    c.

    Ho : μ ≥ 6000, Ha : μ < 6000

1 points   

QUESTION 3

  1. Use the following information to answer question 3.

    The manager of a candy-making company claimed that ever since his machinery was repaired the sugar packs no longer have an average weight of 400 grams, as they should.

    State the hypotheses mathematically.

    a.

    Ha : μ = 400, H0 : μ ≠ 40
    b.

    H0 : μ ≠ 400, Ha : μ = 400
    c.

    H0 : μ = 400, Ha : μ ≠ 400
Math   Statistics-And-Probability   
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