In 2007 the new york times reported that the median annual household income in the united states was $55,500 (new york times website, august, 21, 2013). answer the following questions based on the following sample of 14 household incomes for 2013 ($1000s).

49.4 52.4 53.4 53.3 52.1 48.7 52.1
52.2 64.5 51.6 41.5 52.9 52.5 51.2

a. what is the median household income for the sample data for 2013?
b. based on the data estimate the percentage change in the median household income from 2007 to 2013.
c. complete the first and third quartiles.

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

True or false: a fitted model with more predictors will necessarily have a lower training set error than a model with fewer predictors.

Choose the statement that is incorrect. a. search activity occurs only in markets where there is a shortage. b. when a price is regulated and there is a shortage, search activity increases. c. the time spent looking for someone with whom to do business is called search activity. d. the opportunity cost of a good is equal to its price plus the value of the search time spent finding the good.