MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Is the given problem, a two-tailed or one-tailed test? if one-tailed, determine if it's right or left tailed.
2. An insurance company claims that the mean cost to process a claim is $60. An industry comparison showed
this amount to be larger than most other insurance companies, so the company instituted cost-cutting measures.
To evaluate the effect of the cost-cutting measures, the supervisor selected a random sample of 26 claims
processed last month and recorded the cost to process each claim. The sample information is reported below (in
$).
40
48
63
56
64
45
49 62
43
61
53
67
78
48
54
51
56
63
69
58
51
58
59
57
38
76
At the 0.05 significance level, is it reasonable to conclude that the mean cost to process a claim is $60?
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Transcribed Image Text:2. An insurance company claims that the mean cost to process a claim is $60. An industry comparison showed this amount to be larger than most other insurance companies, so the company instituted cost-cutting measures. To evaluate the effect of the cost-cutting measures, the supervisor selected a random sample of 26 claims processed last month and recorded the cost to process each claim. The sample information is reported below (in $). 40 48 63 56 64 45 49 62 43 61 53 67 78 48 54 51 56 63 69 58 51 58 59 57 38 76 At the 0.05 significance level, is it reasonable to conclude that the mean cost to process a claim is $60?
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