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Quiz3-sec1-Questions&Solutions - Name-Surname...

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1 Name-Surname: Student ID: MIDDLE EAST TECHNICAL UNIVERSITY NORTHERN CYPRUS CAMPUS SPRING 2011 BUS 152 Statistics for Social Sciences Quiz 3 Section 1 Solutions Q1. An insurance company’s Claims Department reports the mean cost to process a claim is $60. An industry comparison showed this amount to be larger than most other insurance companies, so the company instituted cost-cutting measures. To evaluate the effect of cost- cutting measures, the supervisor of the Claims Department selected a random sample of 32 claims processed last month, and the results are as follows: 45 48 48 58 53 54 51 76 51 58 40 63 43 78 63 56 69 57 58 65 38 49 62 67 48 50 56 59 52 55 61 64 The company wonders if there is evidence that the mean cost to process a claim is less than $60 at the 0.05 significance level. a) State the null and alternative hypothesis. H 0 : H 1 : b) Given the following SPSS output, is there evidence that the mean cost to process a claim is less than $60 at the 0.05 significance level? Why?
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