Show transcribed image text cle and driver The difference between the mean costs of automobile insurance for a similar veh two different companies is being studied. The following means resulted from 100 with chosen policies was 560 and the mean of the sample from Company Two was 575. Assume the standard deviation of the population of insurance costs with Company One is 30 and the standard deviation of the population of insurance costs with Company Two is 40. Use this information to answer the following questions from each of the two companies. The mean of the sample from Company One 2. What is the parameter in this situation? 3. What is the point estimate for the parameter in this case? 4. What is the standard error for the point estimator in this case? Notice, it is the population standard deviations that are stated. The equation for the standard error of this point estimate uses the variances, so be sure to square these values 5. What is the set of hypotheses that would be used it the consumer group perfdrming the 6. What is the value of the test statistic to test the null hypothesis of equal means for the 7. What is the name of the distribution of the test statistic in this case if the null hypothesis research is interested in whether the data indicate a difference between the two means? two populations? s true?
cle and driver The difference between the mean costs of automobile insurance for a similar veh two different companies is being studied. The following means resulted from 100 with chosen policies was 560 and the mean of the sample from Company Two was 575. Assume the standard deviation of the population of insurance costs with Company One is 30 and the standard deviation of the population of insurance costs with Company Two is 40. Use this information to answer the following questions from each of the two companies. The mean of the sample from Company One 2. What is the parameter in this situation? 3. What is the point estimate for the parameter in this case? 4. What is the standard error for the point estimator in this case? Notice, it is the population standard deviations that are stated. The equation for the standard error of this point estimate uses the variances, so be sure to square these values 5. What is the set of hypotheses that would be used it the consumer group perfdrming the 6. What is the value of the test statistic to test the null hypothesis of equal means for the 7. What is the name of the distribution of the test statistic in this case if the null hypothesis research is interested in whether the data indicate a difference between the two means? two populations? s true?
