Answer:
35.35%
Step-by-step explanation:
If there were no deductibles, the expected claim payment would be:
If the collision insurance claim is under $2,000, then the insurer would not pay anything, but if X > $2,000, then the insurer would pay X - $2,000. The new expected value is:
The percentage reduction on the claim payment is:
There was a 35.35% reduction.
When you plot the offered points on the graph, you find only one of them falls inside the shaded region:
... D. 43 pepperoni slices and 25 cheese slices
Answer:
Which graph's shaded region represents the possible combinations of coffee and tea for this order?
Answer:
a) The point estimate of the proportion of items returned for the population of
sales transactions at the Houston store = 12/80 = 0.15
b) The 95% confidence interval for the proportion of returns at the Houston store = [0.0718 < p < 0.2282].
c) Yes.
We set an hypothesis and construct a test statistics. The test statistics result gives us:
Z calculated = 2.2545, and this gives us the p-value = 0.0121. We assumed 95% confident interval. Hence, the level of significance (α) = 5%. Conclusively, since the p-value ==> 0.0121 is less than (α) = 5%, the test is significant. Hence, the proportion of returns at the Houston store is significantly different from the returns for the nation as a whole.
Step-by-step explanation:
a) Point estimate of the proportion = number of returned items/ total items sold = 12/80 = 0.15.
b) By formula of confident interval:
CI(95%) = p ± Z*,
CI(95%) = [0.0718 < p < 0.2282]
c) The hypothesis:
: The proportion of returns at the Houston store is not significantly different from the returns for the nation as a whole.
: The proportion of returns at the Houston store is significantly different from the returns for the nation as a whole.
The test statistics:
Z = , where
is the proportion of nation returns.
Z calculated = 2.2545, and this gives us the p-value = 0.0121. We assumed 95% confident interval. Hence, the level of significance (α) = 5%. Conclusively, since the p-value ==> 0.0121 is less than (α) = 5%, the test is significant. Hence, the proportion of returns at the Houston store is significantly different from the returns for the nation as a whole.