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i. If the null hypothesis is μ ≥ 200 and the alternate hypothesis states that μ is less than 200, then, a two-tail test is being conducted.
Ii) For a one-tailed test of hypothesis, the area of rejection is only in one tail of the curve.
Iii) As the sample size increases, the curve of the t-distribution approaches the standard normal distribution
Uninsurable Risks
Risks that are not financially viable for insurance companies to cover due to their unpredictable or unquantifiable nature.
New Product
An item or service that is recently introduced to the market, offering innovative features or addressing specific consumer needs that were previously unmet.
Capitalist Income
Income generated from the ownership of capital assets, such as profits from business investments, interest on loans, or dividends from stocks.
Corporate Profits
The earnings of a corporation after all expenses have been deducted from revenues.
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