The Insurance Institute for Highway Safety www iihs org June 11 2009
The Insurance Institute for Highway Safety (www.iihs.org, June 11, 2009) published data on repair costs for cars involved in different types of accidents. In one study, seven different 2009 models of mini- and micro-cars were driven at 6 mph straight into a fixed barrier. The following table gives the cost of repairing damage to the bumper for each of the seven models:
a. Compute the values of the variance and standard deviation. The standard deviation is fairly large. What does this tell you about the repair costs?
b. The Insurance Institute for Highway Safety (referenced in the previous exercise) also gave bumper repair costs in a study of six models of minivans (December 30, 2007). Write a few sentences describing how mini- and micro-cars and minivans differ with respect to typical bumper repair cost and bumper repair cost variability.
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