Question

Respond to the following in a minimum of 175 words: Suppose that we wish to assess...

Respond to the following in a minimum of 175 words:

Suppose that we wish to assess whether more than 60 percent of all U.S. households in a particular income class bought life insurance last year. That is, we wish to assess whether p, the proportion of all U.S. households in the income class that bought life insurance last year, exceeds .60. Assume that an insurance survey is based on 1,000 randomly selected U.S. households in the income class and that 640 of these households bought life insurance last year.

a)   Assuming that p equals .60 and the sample size is 1,000, what is the probability of observing a sample proportion that is at least .64?

b)  Based on your answer in part a, do you think more than 60 percent of all U.S. households in the income class bought life insurance last year? Explain.

  1. Step 1 - Please find the Standard Deviation of the Proportion
  2. Step 2 - Please find the Z-score
  3. Step 3 - Please find the area of the Curve
  4. Step 4 - Area of the curve is the Probability of finding AT Least 64% of households purchasing a Life Insurance Policy
Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose that we wish to assess whether more than 60 percent of all U.S. households in...
Suppose that we wish to assess whether more than 60 percent of all U.S. households in a particular income class bought life insurance last year. That is, we wish to assess whether p, the proportion of all U.S. households in the income class that bought life insurance last year, exceeds .60. Assume that an insurance survey is based on 1,000 randomly selected U.S. households in the income class and that 640 of these households bought life insurance last year. a)...
Suppose that we wish to assess whether more than 60 percent of all U.S. households in...
Suppose that we wish to assess whether more than 60 percent of all U.S. households in a particular income class bought life insurance last year. That is, we wish to assess whether p, the proportion of all U.S. households in the income class that bought life insurance last year, exceeds .60. Assume that an insurance survey is based on 1,000 randomly selected U.S. households in the income class and that 640 of these households bought life insurance last year. 1....
Question: What is the amount of cash received from the sale of equipment if Horizon Insurance...
Question: What is the amount of cash received from the sale of equipment if Horizon Insurance elects to outsource publishing to G-Art? Use the following case to help determine the answer: Horizon Insurance (HI) was a full-service regional insurance agency that has done all the printing and publishing of its own promotional brochures, newsletters, informational pamphlets, and required regulatory reports. Linda Wolfe, the business manager of the agency, had for some time thought that the firm might save money and...
Subject: Human Resource Management Main question: Which benefit plans would you choose, and which wouldn't you...
Subject: Human Resource Management Main question: Which benefit plans would you choose, and which wouldn't you choose and give reasons why you would or would not want a benefit that were used in making the benefit selections (specially at at entry level making $30000). PROCEDURES: Assume that you recently graduated from college and are just starting a new job at a large firm. You will be receiving a starting net pay (net of all taxes and mandatory deductions) of $30,000....
1. A random number generator is used to select a number from 1 to 500 ?(inclusively)....
1. A random number generator is used to select a number from 1 to 500 ?(inclusively). What is the probability of selecting the number 595 ? What is the probability? 2.Identify the sample space of the probability experiment and determine the number of outcomes in the sample space. -Randomly choosing an even number between 10 and 20, inclusive The sample space is? (Use a comma to separate answers) There are _____ outcomes in the sample space 3. Determine the number...
1. Find the area under the standard normal curve (round to four decimal places) a. To...
1. Find the area under the standard normal curve (round to four decimal places) a. To the left of  z=1.65 b. To the right of z = 0.54 c. Between z = -2.05 and z = 1.05 2. Find the z-score that has an area of 0.23 to its right. 3. The average height of a certain group of children is 49 inches with a standard deviation of 3 inches. If the heights are normally distributed, find the probability that a...
Fueling Indonesians: Window of Opportunity or Regret? Kerosene is widely used as cooking fuel by Indonesian...
Fueling Indonesians: Window of Opportunity or Regret? Kerosene is widely used as cooking fuel by Indonesian households, with an annual usage of 10 million Kiloliters. It is a major subsidized fuel for household cooking, where its usage is over sixty percent of the 230 million population. The subsidy program costs the government heavily, where it amounts up to U.S.$4 billion a year. As the practice tends to bleed government expenditures quite heavily, the Indonesian government is embarking on a change...
1. In which phase of the business cycle is the U.S. economy currently in? ________________. How...
1. In which phase of the business cycle is the U.S. economy currently in? ________________. How many months has the U.S. economy been in this stage of the business cycle? ___________ months 2. How long has the current expansion/recovery lasted to date? _________________ How does this compare to the average length of U.S. recessions since 1854? ______________________________. 3. What do the last four recoveries/expansions (that is, the current recovery/expansion and the previous three recovery/expansions), suggest about a new trend in...
Point/Counterpoint from chapter 14. Take a stand. Do you agree or disagree? Write a minimum of...
Point/Counterpoint from chapter 14. Take a stand. Do you agree or disagree? Write a minimum of one paragraph for each one. Chapter 14 Exporting E-waste: A Fair Solution? Point Yes Exporting is always and everywhere a win-win situation: The more companies and countries export, the more they improve market efficiency. Exporting enables companies to increase sales, improve productivity, and diversify activities. Likewise, exporting helps countries generate jobs, accelerate innovation, and improve living standards. In broader terms, it promotes connections among...
step by step solution for the below question please Flag this Question Question 11 pts What...
step by step solution for the below question please Flag this Question Question 11 pts What is the difference between positive economics and normative economics? Group of answer choices Positive economics deals with dynamic systems, while normative economics focuses on static systems. Normative economics deals with how the world actually works, whereas positive economics focuses on what people ought to do. Positive economics requires making value judgments, while normative economics relies solely on factual statements. Normative economics applies in cases...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT