10.40 Auto Insurance The cost of automobile insurance has become a sore subject because the rates are...
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10.40 Auto Insurance The cost of automobile insurance has become a sore subject because the rates are dependent on so many variables, such as the province in which you live, the number of cars you insure, and the company with which you are insured. The table is adapted from a publication of Fraser Institute Digital Publication, February 2007 and lists estimated average auto insurance premiums in 10 provinces, 2004-2005.
a. Why would you expect these pairs of observations to be dependent?
b. Do the data provide sufficient evidence to indicate that there is a difference in the average premiums between 2004 and 2005? Test using a = 0.01.
c. Find the approximate p-value for the test and interpret its value.
d. Find a 99% confidence interval for the difference in the average premiums for the years 2004 and 2005.
e. Can we use the information in the table to make valid comparisons for Saskatchewan (SK) for the given years? Why or why not?
Transcribed Image Text:
Province BC ON SK 828 Avg. Earned Premium in 2005 Avg. Earned Premium in 2004 $1404 $1374 $1374 $1396 $1197 $1174 MB $1152 $1157 NB $1044 $1121 AB $1036 $1126 OC $988 $983 NL $947 $1014 NS $871 $883 PE $825 $847
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