In Exercise 71 we saw summary statistics for 10 drivers
In Exercise 71, we saw summary statistics for 10 drivers’ car insurance premiums quoted by a local agent and an online company. Here are displays for each company’s quotes and for the difference (Local – Online):
a) Which of the summaries would help you decide whether the online company offers cheaper insurance? Why?
b) The standard deviation of PriceDiff is quite a bit smaller than the standard deviation of prices quoted by either the local or online companies. Discuss why.
c) Using the information you have, discuss the assumptions and conditions for inference with these data.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help