STATISTICS FOR BUSINESS+ECON.>CUSTOM<
STATISTICS FOR BUSINESS+ECON.>CUSTOM<
2nd Edition
ISBN: 9781256861799
Author: NEWBOLD
Publisher: PEARSON
Question
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Chapter 2, Problem 44E

a)

To determine

Identify the sample mean number of minutes late.

a)

Expert Solution
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Explanation of Solution

From the given information, the mean number of claims per policy can be calculated as follows:

Mean(X¯)=mifin=150583=18.1325

A table can be constructed using the value of mean as follows:

Table 1.

 mi fifimi(miX¯)(miX¯)2fi(miX¯)2
530150-13.133172.465173.90
1525375-3.1339.81245.32
25133256.86747.16613.11
35621016.867284.511707.07
45522526.867721.863609.30
55422036.8671359.215436.84
Total831505  16785.54

b)

To determine

Identify the sample variance and standard deviations.

b)

Expert Solution
Check Mark

Explanation of Solution

The sample variance and standard deviation can be calculated using the tabulated values as follows:

Sample varience (S2)=fi(miX¯)2n1=16785.5482=204.7017Standard deviation(S)=204.7017=14.307

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