The pesident of the American haurance natitute wats to compare the yealy costs o

Question

The pesident of the American haurance natitute wats to compare the yealy costs of auto insurance offered by two leading companies He selects a sample of 15 famles and pays data comparable certain features, such a are standardzed. The sample information is reported below At the 10 significance level 1,810 1789 1,741 ,129 1018 1 1,772 1,527 1,767 1.577 43. Which of the folowing is the variable of interest (x) in this probiem? a. The 15 families d. The difference in price quote (S) between the two insurance companies for each of the 15 famlies e. None of the above 44. The problem involves a. Comparing the proportions of two populations Comparing the variances of wo populations b. g the means of two dependent populations e. None of the above mportant Note: for questions 845 to 47, enter the data into the template, or compute the order in which the data are presented in the table above-that is, Progressive is first, then Geico is second. difference, in the What is the average diference in the price quotes given by Geico and Progressive for the 15 famlies in the sample (round to four decimals)? 46. The computed test statistic for the sample above is- --(round to 4 decimals). 47. At the 0.10 significance level, what is te critical value for tesing to na hypotesa? _ _ 48, what is the resulting p-value for the test? (round to 4 derma) 49. At the 0.10 significance level, what is the correct statistical concusion? a. Reject the null hypothesis b. Fail to reject the null hypothesis c. Reject the alternate hypothesis d. Fail to reject the alternate hypothesis e. None of the above. The test is inconclusive 50. Based on the result of the statistical test above, which of the following would be the comect conclusion? -Gelco s a. There is no difference in the average amounts quoted by the two insurance compenies b. There is a difference in the average amounts quoted by the two insurance companies c. There is a difference in the average amounts quoted by the two insurance companies Progressive is lesser None of the above d.

Explanation / Answer

SOLUTION43:

(d) the difference in price quote($) between the two insurnace companies

OPTIOND

SOlution44:

comparing the means of two independent populations

OPTIOND

Soluton45:

average diifference=1637.133-1390.8=246.3333

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.