NJ manufacturers offers insurance against storm damage damage X after a recent storm followed the distribution with CDF, in $1000, to home owners. The storm F(x) 1-(forx> 0 a. Name this distribution and write down is density fu), with support, EC ad bee Ex)

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PARTII. CHOOSE2problemsamongthe 3problemsİnthis section 1. NJ manufacturers offers insurance against storm damage damage X after a recent storm followed the distribution with CDF, in $1000, to home owners. The storm F(x) 1-(forx> 0 a. Name this distribution and write down is density fu), with support, EC ad bee Ex) b. Determine the instantaneous hazard of the storm damage X 2(x) f(x)/1 F(x) Explain what λ (x) means in this problem, what happens when the storm damage increases? c. If NJ Manufacturers pays only 7 $1000 for any damage beyond $7,000, that is it pays Y-X if X 7 and pays Y=7 ifX> 7, write down the CDF of Y, draw it, and then compute E(Y) as we have done in a HW assignment. Continued on next page

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PARTII. CHOOSE2problemsamongthe 3problemsİnthis section 1. NJ manufacturers offers insurance against storm damage damage X after a recent storm followed the distribution with CDF, in $1000, to home owners. The storm F(x) 1-(forx> 0 a. Name this distribution and write down is density fu), with support, EC ad bee Ex) b. Determine the instantaneous hazard of the storm damage X 2(x) f(x)/1 F(x) Explain what λ (x) means in this problem, what happens when the storm damage increases? c. If NJ Manufacturers pays only 7 $1000 for any damage beyond $7,000, that is it pays Y-X if X 7 and pays Y=7 ifX> 7, write down the CDF of Y, draw it, and then compute E(Y) as we have done in a HW assignment. Continued on next page

 

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