Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer in-details with explanation and you can use Excel if required but plz share formulas and spreadsheet. An insurance company states that it settles
Please answer in-details with explanation and you can use Excel if required but plz share formulas and spreadsheet.
- An insurance company states that it settles at least 85% of all life insurance claims within 30 days. A consumer group asks the state insurance commission to see if there is evidence to support this claim. In a sample of 250 life insurance claims, 220 were settled within 30 days. What is the smallest fraction of the time will you incorrectly be concluding that the company's statement is true? Explain
- Prior to a special advertising campaign, 23% of all adults recognized a particular company's logo. At the close of the campaign the marketing department commissioned a survey in which 311 of 1,200 randomly selected adults recognized the logo. Determine, at the 1% level of significance, whether the data provide sufficient evidence to conclude that more than 23% of all adults now recognize the company's logo.
- The labor charge for repairs at an automobile service center are based on a standard time specified for each type of repair. The time specified for replacement of universal joint in a drive shaft is one hour. The manager reviews a sample of 30 such repairs. The average of the actual repair times is 54 minutes with a standard deviation of 18 minutes. Do these results support the claim if you are willing to make a Type 1 error 5% of the time?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started