A study was conducted to estimate hospital costs for accident A study was conducted to estimate…

A study was conducted to estimate hospital costs for accident A study was conducted to estimate…

A study was conducted to estimate hospital costs for accident
A study was conducted to estimate hospital costs for accident victims who wore seat belts. Twenty randomly selected cases have a distribution that appears to be approximately bell-shaped with a mean of $9,004 and a standard deviation of $5,629 (based on data from the U.S. Department of Transportation), Use the i distribution to construct the confidence interval estimate of the population mean.

a. Construct the 95% confidence interval for the mean of all such costs.

b. If you are a manager for an insurance company that provides lower rates for drivers who wear seat belts and you want a conservative estimate for a worst-case scenario, what amount should you use as the possible hospital cost for an accident victim who wears a seat belt?

A study was conducted to estimate hospital costs for accident

Looking for a similar assignment? Get help from our qualified experts!

Order Now

Related Posts