QSO 510 Module 3 Homework Solutions (All Questions Answered + Formulas) - 23366

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Problem 1

Annual family dental expenses for the families of a random sample of ten employees of a company are given below.  You can assume the family dental expenses for the employees of the company are normally distributed.

$450, $390, $550, $140, $690, $600, $250, $330, $490, $810

a)      Compute the mean and standard deviation of the sample.

b)      Determine the point estimate and 95% confidence interval for the mean family dental expenses of all employees of the company.

c)       Interpret the confidence interval.

d)      How would you communicate this information to the Vice-President of Human Resources in non-statistical language.

e)      How could this information be used in negotiations with the dental insurer of the company in setting the premiums for the next year.


Problem 2

The average price of regular gasoline in the continental US states and the District of Columbia was $3.74 on August 18, 2008. Alaska and Hawaii are not included as the gas prices there are much higher than the continental US. The price of gasoline in the eleven western states of the U.S. on the same day is given below. Test the hypothesis that the average price of gasoline in the western states is higher than the national average for Continental USA and the District of Columbia, i.e., higher than $3.74. Use level of significance a = 0.05.

 

California

$4.04

Arizona

$3.72

Colorado

$3.83

Idaho

$4.01

Montana

$3.97

Nevada

$3.84

New Mexico

$3.77

Oregon

$3.92

Utah

$4.04

Washington

$3.99

Wyoming

$3.90

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