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Verdich [7]
3 years ago
10

Kramerica Company has a small plant worth $60,000. The plant is subject to physical damages and total destruction as a result of

re. From over 10,000 industry observations, the rm has derived the following probability distribution of re losses for its physical plant.
1
Loss Amount ($) Probability of Loss
0 .5
20,000 .2
30,000 .2
60,000 ?

Kramerica is considering the following risk management options:

Retention
Partial Insurance - Coverage Limit = $30,000; Premium = $10,000
Deductible insurance - Deductible per occurrence = $20,000; Premium = $15,000
Full insurance - Premium = $24,000

Answer the following questions:

(a) Construct the loss matrix. (2 pts)

(b) Assume that the rm decides to choose a risk management alternative without including valuation for subjective risk. What risk management option is chosen? Show all work and calculations for each option. (3 pts)

(c) What worry value(s) would make full insurance preferred to partial insurance? Show all work and calculations and explain your numerical answer. (1 pt)

(d) What worry value(s) would make deductible insurance preferred to partial insurance? Show all work and calculations and explain your numerical answer. (1 pt)

(e) What is the AFP for each insurance option? (3 pts)
Mathematics
1 answer:
Elan Coil [88]3 years ago
5 0

Ans

Step-by-step explanation

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Step-by-step explanation:

$49.95 + (10 * 0.05)

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Solve this by substitution
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Answer:

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Step-by-step explanation:

Since they both equal y, you can equal them to each other:

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3 - 5 = x + 5 - 5

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Substitute x in either equation to solve for y:

y = (-2) +3

y = 1

Or the other equation:

y = 2(-2) + 5

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3 years ago
Jamal has at most $100 to spend on computer paper and printer ink for his computer. He buys 1 box of paper for $24.99. If ink ca
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$100 total

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3 years ago
-2 1/2 x -1 2/3 please add step by step
77julia77 [94]

Hey there!

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Explanation:

Simplify to solve.

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Hope this helps!

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Dual-energy X-ray absorptiometry (DXA) is a technique for measuring bone health. One of the most common measures is total body b
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Answer:

\bar d=\frac{\sum_{i=1}^n d_i}{n}=-0.001

s=\sqrt{\frac{\sum_{i=1}^n (x_i -\bar X)^2}{n-1}}=0.0095

-The sample is too small to make judgments about skewness or symmetry.

H0:\mu_{1}=\mu_{2}

H1:\mu_{1} \neq \mu_{2}

t=\frac{1.173-1.174}{\sqrt{\frac{0.1506^2}{8}+\frac{0.1495^2}{8}}}=-0.013

p_v =2*P(t_{(14)}

So the p value is a very high value and using any significance level for example \alpha=0.05, 0,1,0.15 always p_v>\alpha so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, and a we don't have a significant difference between the two means.

Step-by-step explanation:

First we need to find the difference defined as:

(Operator 1 minus Operator 2)

d1=1.326-1.323=0.003      d2=1.337-1.322=0.015

d3=1.079-1.073=0.006     d4=1.229-1.233=-0.004

d5=0.936-0.934=0.002   d6=1.009-1.019=-0.01

d7=1.179-1.184=-0.005      d8=1.289-1.304=-0.015

Now we can calculate the mean of differences given by:

\bar d=\frac{\sum_{i=1}^n d_i}{n}=-0.001

And for the sample deviation we can use the following formula:

s=\sqrt{\frac{\sum_{i=1}^n (x_i -\bar X)^2}{n-1}}=0.0095

Describe the distribution of these differences using words. (which one is correct)

We can plot the distribution of the differences with the folowing code in R

differences<-c(0.003,0.015,0.006,-0.004,0.002,-0.01,-0.005,-0.015)

hist(differences)

And we got the image attached. And we can see that the distribution is right skewed but we don't have anough info to provide a conclusion with just 8 differnences.

-The sample is too small to make judgments about skewness or symmetry.

Use a significance test to examine the null hypothesis that the two operators have the same mean. Give the test statistic. (Round your answer to three decimal places.)

\bar X_{1}=1.173 represent the mean for the operator 1

\bar X_{2}=1.174 represent the mean for the operator 2

s_{1}=0.1506 represent the sample standard deviation for the operator 1

s_{2}=0.1495 represent the sample standard deviation for the operator 2

n_{1}=8 sample size for the operator 1

n_{2}=8 sample size for the operator 2

t would represent the statistic (variable of interest)

Concepts and formulas to use

We need to conduct a hypothesis in order to check if the means for the two groups are the same, the system of hypothesis would be:

H0:\mu_{1}=\mu_{2}

H1:\mu_{1} \neq \mu_{2}

If we analyze the size for the samples both are less than 30 so for this case is better apply a t test to compare means, and the statistic is given by:

t=\frac{\bar X_{1}-\bar X_{2}}{\sqrt{\frac{s^2_{1}}{n_{1}}+\frac{s^2_{2}}{n_{2}}}} (1)

t-test: Is used to compare group means. Is one of the most common tests and is used to determine whether the means of two groups are equal to each other.

Calculate the statistic

We can replace in formula (1) like this:

t=\frac{1.173-1.174}{\sqrt{\frac{0.1506^2}{8}+\frac{0.1495^2}{8}}}=-0.013

Statistical decision

For this case we don't have a significance level provided \alpha, but we can calculate the p value for this test. The first step is calculate the degrees of freedom, on this case:

df=n_{1}+n_{2}-2=8+8-2=14

Since is a bilateral test the p value would be:

p_v =2*P(t_{(14)}

So the p value is a very high value and using any significance level for example \alpha=0.05, 0,1,0.15 always p_v>\alpha so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, and a we don't have a significant difference between the two means.

8 0
3 years ago
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