MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
expand_more
expand_more
format_list_bulleted
Related questions
Question
Transcribed Image Text:The large national bank charges local companies for using their
services. A bank official reported the results of a regression analysis
designed to predict the bank's charges (Y), measured in RM per
month for services rendered to local companies. One independent
variable used to predict service charge to a company is the the
company's sales revenue (X), measured in millions of RM. Data for 21
companies who use the bank's services were used to fit the model.
The results of the simple linear regression are provided below. Based
on results below, interpret the standard error of the estimate in the
model. *
ŷ = -2,700 + 20x
Sxy = 65,
two – tailed p – value = 0.034 (for testing B
%3D
About 95% of the observed service charges fall within RM65 of the least
squares line.
About 95% of the observed service charges equal their corresponding predicted
values..
About 95% of the observed service charges fall within RM130 of the least
squares line.
For every RM1 million increase in sales revenue, we expect a service charge to
increase RM65.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Similar questions
- The accompanying table shows results from regressions performed on data from a random sample of 21 cars. The response (y) variable is CITY (fuel consumption in mi/gal). The predictor (x) variables are WT (weight in pounds), DISP (engine displacement in liters), and HWY (highway fuel consumption in mi/gal). Which regression equation is best for predicting city fuel consumption? Why? Click the icon to view the table of regression equations. Choose the correct answer below. A. The equation CITY=6.86 -0.00131WT -0.258DISP+0.659HWY is best because it has a low P-value and the highest value of R². B. The equation CITY=6.73 -0.00157WT +0.668HWY is best because it has a low P-value and the highest adjusted value of R². C. The equation CITY= -3.15+0.823HWY is best because it has a low P-value and its R² and adjusted R² values are comparable to the R² and adjusted R² values of equations with more predictor variables. O D. The equation CITY=6.86 -0.00131WT-0.258DISP + 0.659HWY is best because it…arrow_forwardGiven that the systolic blood pressure in the right arm is 90 mm Hg, the best systolic blood pressure in the left arm is how many mm Hg?arrow_forwardExplain what a residual is and how this relates to the best-fit regression model.arrow_forward
- How to know if obtaining a regression equation for the data appear reasonable?arrow_forwardwhen a regression is used as a method of predicting dependent variables from one or more independent variables. How are the independent variables different from each other yet related to the dependent variable?arrow_forwardThe accompanying table shows results from regressions performed on data from a random sample of 21 cars. The response (y) variable is CITY (fuel consumption in mi/gal). The predictor (x) variables are WT (weight in pounds), DISP (engine displacement in liters), and HWY (highway fuel consumption in mi/gal). The equation CITY - 3.17 +0.823HWY was previously determined to be the best for predicting city fuel consumption. A car weighs 2700 lb, it has an engine displacement of 1.6 L, and its highway fuel consumption is 35 mi/gal. What is the best predicted value of the city fuel consumption? Is that predicted value likely to be a good estimate? Is that predicted value likely to be very accurate? Click the icon to view the table of regression equations. The best predicted value of the city fuel consumption is (Type an integer or a decimal. Do not round.). Regression Table I R² Adjusted R2 WT/DISP WT/HWY Predictor (x) Variables P-Value WT/DISP/HWY 0.000 0.942 0.000 0.748 0.000 0.942 0.000…arrow_forward
- A frequent flyer was interested in the relationship between dollars spent on flying and the distance flown. She sampled 20 frequent flyers of a certain airline. She collected the number of miles flown in the previous year and the total amount of money the flyer spent. A regression line of distance flown on money spent was fit to the data: \hat y = 24000 + 10xy^=24000+10x. A person who spent $1000 is predicted to have flown:arrow_forwardA real estate analyst has developed a multiple regression line, y = 60 + 0.068 x1 – 2.5 x2, to predict y = the market price of a home (in $1,000s), using two independent variables, x1 = the total number of square feet of living space, and x2 = the age of the house in years. With this regression model, the predicted price of a 10-year old home with 2,500 square feet of living area is __________. $205.00 $200,000.00 $205,000.00 $255,000.00arrow_forwardIf you have 2 datasets on which you have conducted a regression analysis, how would you determine whether you can combine them into one dataset?arrow_forward
- Describe regression variation in terms of variation in Y.arrow_forwardThe following regression equation is based on the analysis of four variables: SM_DOLLARS is the dollar amount of a watershed conservation agency's weekly spending on social media ads. RADIO_ADS is the number of radio advertisements aired weekly by the agency. WS_DOLLARS is the dollar amount of the agency’s weekly spending on web search ads. The variable WEB_VISITS is the number of weekly visitors to their educational website. These data have been recorded every week for the past three years. WEB_VISITS (expected) = 208 + 1.25*SM_DOLLARS + 1.5*RADIO_ADS + 1.2*WS_DOLLARS The data meet the assumptions for regression analysis, and the regression results, including the coefficients, were found to be statistically significant. Initially, $320 was spent on social media ads, 10 radio ads were aired, and $120 spent on web search ads. How many additional weekly web visits would you predict when the agency increases its weekly spending on social media ads by $440 without changing the…arrow_forwardIn calculating a simple regression for average number of drinks consumed (x) and grade point average (y), you get a slope coefficient (b) of -.15 and a y intercept of 2.50. Using the formula Y = a + bX, what would the predicted grade point average be for a student who averaged 1.0 drinks per week?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- MATLAB: An Introduction with ApplicationsStatisticsISBN:9781119256830Author:Amos GilatPublisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...StatisticsISBN:9781305251809Author:Jay L. DevorePublisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...StatisticsISBN:9781305504912Author:Frederick J Gravetter, Larry B. WallnauPublisher:Cengage Learning 
Elementary Statistics: Picturing the World (7th E...StatisticsISBN:9780134683416Author:Ron Larson, Betsy FarberPublisher:PEARSON
The Basic Practice of StatisticsStatisticsISBN:9781319042578Author:David S. Moore, William I. Notz, Michael A. FlignerPublisher:W. H. Freeman
Introduction to the Practice of StatisticsStatisticsISBN:9781319013387Author:David S. Moore, George P. McCabe, Bruce A. CraigPublisher:W. H. Freeman
MATLAB: An Introduction with Applications
Statistics
ISBN:9781119256830
Author:Amos Gilat
Publisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...
Statistics
ISBN:9781305251809
Author:Jay L. Devore
Publisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...
Statistics
ISBN:9781305504912
Author:Frederick J Gravetter, Larry B. Wallnau
Publisher:Cengage Learning
Elementary Statistics: Picturing the World (7th E...
Statistics
ISBN:9780134683416
Author:Ron Larson, Betsy Farber
Publisher:PEARSON
The Basic Practice of Statistics
Statistics
ISBN:9781319042578
Author:David S. Moore, William I. Notz, Michael A. Fligner
Publisher:W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:9781319013387
Author:David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:W. H. Freeman