Use a 005 Significance Level and Conduct a Full Hypothesis Test

question 7

Essay

Use a 0.05 significance level and conduct a full hypothesis test. List the null and alternative hypotheses, the z-score, the P-value, and whether to reject or not reject the null hypothesis. Round z-scores to the nearest tenth.
-A national car insurance company stated that in 1987, the average yearly car insurance cost for a family in the U.S. was $1716. In the same year, a random sample of 32 families in California resulted in a mean cost of $1728
with a standard deviation of $35.50. Test the claim that the average insurance cost for a family in California in 1987 exceeded the national average.

Analyze the role of scienter in establishing fraud in the inducement.

Understand the conditions under which silence or non-disclosure constitutes misrepresentation.

Comprehend legal remedies available for different forms of misrepresentation and fraud.

Understand the concept and legal principles of consideration in contract law.

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Definitions:

Senescence

The process of aging where the biological functions of an organism decline, leading to decreased ability to adapt to stress and increased risk of death.

Physical Appearance

The outward look or aspect of a person, including features, shape, and style of dress, which can influence social perceptions.

Spinal Disks

Cushion-like pads situated between vertebrae in the spine, acting as shock absorbers.

Muscles Weaken

A condition or process where the strength and function of muscles decrease, which can occur due to aging, inactivity, or disease.