320_hw10 - Economic Statistics: Homework 10 Tests of...

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Economic Statistics: Homework 10 Tests of Population Proportion, Tests of Mean Differences, Tests of Population Variance. 1. A hospital is comparing its performance against an industry benchmark that no more than 50 percent of normal births should result in a hospital stay exceeding 2 days. In their sample of 50 normal births, 31 had stays longer than 2 days. At a 0.025 significance level, is the hospital exceeding the benchmark? 2. An insurance company’s procedure in settling a claim under $10000 is to require two estimates before allowing the insured to proceed with the work. The insurance company compares estimates from two contractors (A and B) for the 10 most recent estimates and finds that the mean difference ( d ) is $-240 with a standard deviation of $327. At the 0.05 level of significance is there a difference between the two contractors? 3. Zocor is a common prescription cholesterol reducing drug. Zocor prices from randomly selected pharmacies in two different states were surveyed. The mean
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