For the following questions, you are simply determining which hypothesis test you should run, and writing the null and alternate hypotheses. eHealthinsurance claims that in 2011, the average monthly premium paid for individual health coverage was $183. You are suspicious that the mean cost is actually higher. You take a random sample of 50 people and find an average premium of $195 with a standard deviation of $25. Write your null and alternate hypotheses.   A Ho: μ = $183 Ha: μ > $183 B Ho: μ = $195 Ha: μ > $195 C Ho: μ = $183 Ha: μ < $183 D Ho: p = $183 Ha: p < $195 E Ho: μ = $195 Ha: μ ≠ $195

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...