Question: Other ways to look at Jocko's estimates. Refer to the previous exercise. Let's consider some other ways to analyze these data.
(a) For each damaged vehicle, divide Jocko's estimate by the estimate from the other garage. Perform your analysis on these data. Write a short report that includes numerical and graphical summaries, your estimate, the t 95% confidence interval, the bootstrap 95% confidence interval, and an explanation for all your choices. (For example, did you choose the mean or the median? Which bootstrap option did you use?)
(b) Compute the mean of Jocko's estimates and the mean of the estimates made by the other garage. Divide Jocko's mean by the mean for the other garage. Report this ratio and find a 95% confidence interval for this quantity. Be sure to justify the choices that you made for the bootstrap.
(c) Using what you have learned in this exercise and the previous one, how would you summarize the comparison of Jocko's estimates with those made by the other garage? Assume that your audience knows very little about statistics but a lot about insurance.