Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 [10 marks] In a recent study at the University of Southern California Schaeffer Center for Health Policy and Economics, researchers concluded that customers

image text in transcribed
Question 2 [10 marks] In a recent study at the University of Southern California Schaeffer Center for Health Policy and Economics, researchers concluded that customers overpaid for prescriptions 23% of the time. This overpayment often occurs because the copay is higher than the full cost of a drug. Suppose four prescriptions are selected at random. Let X be a random variable defined to be the number of prescriptions for which the customer overpaid. a. [5 marks] Find the probability distribution for X. Round to four decimal places. Show all your work. b. [3 marks] Find the mean, variance, and standard deviation of X. c. [2 marks] Suppose all four customers overpaid for their prescriptions. Is there any evidence to suggest that the percentage reported in this study is wrong? Justify your

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Algebra And Trigonometry

Authors: Cynthia Y Young

5th Edition

1119820898, 9781119820895

More Books

Students also viewed these Mathematics questions