Questions from Business Statistics

Q: The average annual premium for automobile insurance in the United States is

The average annual premium for automobile insurance in the United States is $1503. The following annual premiums ($) are representative of the website’s findings for the state of Mic...

Q: One of the reasons health care costs have been rising rapidly in

One of the reasons health care costs have been rising rapidly in recent years is the increasing cost of malpractice insurance for physicians. Also, fear of being sued causes doctors to run more precau...

Q: The American Association of Individual Investors conducts a weekly survey of its

The American Association of Individual Investors conducts a weekly survey of its members to measure the percent who are bullish, bearish, and neutral on the stock market for the next six months. For t...

Q: Consider the following hypothesis test. H0: µ ≥ 10

Consider the following hypothesis test. H0: µ ≥ 10 Ha: µ < 10 The sample size is 120 and the population standard deviation is assumed known with σ = 5. Use α = .05. a. If the population mean is 9, wha...

Q: Consider the following hypothesis test. H0: µ = 20

Consider the following hypothesis test. H0: µ = 20 Ha: µ ≠ 20 A sample of 200 items will be taken and the population standard deviation is σ = 10. Use α = .05. Compute the probability of making a Type...

Q: According to the National Beer Wholesalers Association, U.S.

According to the National Beer Wholesalers Association, U.S. consumers 21 years and older consumed 26.9 gallons of beer and cider per person during 2017. A distributor in Milwaukee believes that beer...

Q: The label on a 3-quart container of orange juice states

The label on a 3-quart container of orange juice states that the orange juice contains an average of 1 gram of fat or less. Answer the following questions for a hypothesis test that could be used to t...

Q: Carpetland salespersons average $8000 per week in sales. Steve Contois

Carpetland salespersons average $8000 per week in sales. Steve Contois, the firm’s vice president, proposes a compensation plan with new selling incentives. Steve hopes that the results of a trial sel...

Q: Suppose a new production method will be implemented if a hypothesis test

Suppose a new production method will be implemented if a hypothesis test supports the conclusion that the new method reduces the mean operating cost per hour. a. State the appropriate null and alterna...

Q: Consider the following hypothesis test: H0: µ ≥ 20

Consider the following hypothesis test: H0: µ ≥ 20 Ha: µ < 20 A sample of 50 provided a sample mean of 19.4. The population standard deviation is 2. a. Compute the value of the test statistic. b. What...