EBK BUSINESS ANALYTICS
3rd Edition
ISBN: 9780135231906
Author: Evans
Publisher: VST
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Chapter 1, Problem 7PE
A bank developed a model for predicting the average checking and savings account balance as balance
- Explain how to interpret the numbers in this model.
- Suppose that a customer is
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Does there appear to be a positive or negative relationship between price and screen size? Use a scatter plot to examine the relationship. How to take snapshots: if you use a MacBook, press Command+ Shift+4 to take snapshots. If you are using Windows, use the Snipping Tool to take snapshots.
Question 1: Determine and interpret the correlation coefficient between the two variables. In your interpretation, discuss the direction of the relationship (positive, negative, or zero relationship). Also discuss the strength of the relationship.
Value of correlation coefficient:
Direction of the relationship (positive, negative, or zero relationship):
Strength of the relationship (strong/moderate/weak):
Question 2: Estimate the relationship between screen size and price using a simple linear regression model and interpret the estimated coefficients. In your interpretation, tell the dollar amount by which price will change for each unit of increase in screen size. (The answer for the…
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Chapter 1 Solutions
EBK BUSINESS ANALYTICS
Ch. 1 - Discuss how you might use business analytics in...Ch. 1 - How might analytics be used in the following...Ch. 1 - A supermarket has been experiencing long lines...Ch. 1 - For each of the following scenarios, state whether...Ch. 1 - Suppose that a manufacturer can produce a part for...Ch. 1 - A bank developed a model for predicting the...Ch. 1 - Four key marketing decision options are price P,...Ch. 1 - Total marketing effort is a term used to describe...Ch. 1 - A manufacturer of headphones is preparing to set...Ch. 1 - In this chapter, we noted the importance of...
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- Use a digit before the last one of your student ID ( I called it b) to do the following problem.Test the given hypothesis. Assume that the population is normally distributed and that the sample hasbeen randomly selected. A manufacturer uses a new production method to produce steel rods. A randomsample of 37 steel rods resulted in lengths with a mean b+1 and standard deviation of 4.7 cm. At the 0.10significance level, test the claim that the new production method has mean 5.5 cm, which was the meanfor the old method. a=6arrow_forwardA firm offers three different prices on its products, depending upon the quantity purchased. Since available resources are limited, the firm would like to prepare an optimal production plan to maximize profits. Product 1 has the following profitability: $11 each for the first 55 units, $10 each for units 56-110, and $9 for each unit over 110. Product 2's profitability is $19 each for the first 30 units, $18 each for units 31-60, and $17 each for each unit over 60. The products each require 3 raw materials to produce (see table below for usages and available quantities). Product 1 usage (pounds Product 2 usage (pounds Available Quantity Raw Material per unit) per unit) (pounds) A 7 3 1,300 B C 14 12 12 15 1,500 2,500 Use separable programming to find the optimal production plan. (Leave no cells blank - be certain to enter "O" wherever required. Round the first two answers (units of Product 1 and 2) to the nearest whole number. Round the total profit answer to 2 decimal places and use…arrow_forwardTotal quality management (TQM) is a management approach designed to achieve continuous improvement in the quality of a company's products or services. Fundamental to the TQM approach is the need to create an awareness of quality at all levels of the organization. A researcher in a business school would like to compare the performance of companies that have implemented TQM programs with that of companies that have not. One performance measure is net income over sales (NI/S), an indicator of a company's profitability. The researcher would like to use the Wilcoxon rank sum test to determine whether the change in average NI/S is significantly different between companies with TQM implementation and companies without. Six companies were randomly selected from among those that implemented a TQM program over the same 3-year period, and four were randomly selected from among those that did not. The researcher computed each company's average quarterly NI/S for a 2-year period before the 3-year…arrow_forward
- For the following questions (a - 1 ), assume that a population of frogs has an average weight of = 23 grams and a standard deviation (° ) equal to 1 gram. You obtain a sample of N = 15 frogs, where the average weight in grams (X) equals 23.4 grams and s = 0.95. You wish to conduct a hypothesis test specifying Ho : 10 = 23 grams. (a) Report the T-Score test statistic (T). Round your answer to three decimal places. (b) Based on the T-Score test statistic (T) in (a), do you have sufficient evidence to reject Ho when a = 0.05 ? (c) Based on the T-Score test statistic (T) in (a), do you make a Type I or Type Il error when a = 0.05 ? (d) Based on the T-Score test statistic (T) in (a), do you have sufficient evidence to reject Ho when a = 0.01 ? (e) Based on the T-Score test statistic (T) in (a), do you make a Type I or Type II error when a = 0.01 ? You obtain a sample of N = 15 frogs, where the average weight in grams (X) equals 23.4 grams and s = 0.95. You wish to conduct a hypothesis test…arrow_forwardFor the following questions (a - j), assume that a population of frogs has an average weight of μ 23 grams and a standard deviation (σ) equal to 1 gram. = You obtain a sample of N = 15 frogs, where the average weight in grams (X) equals 23.4 grams and s = 0.95. You wish to conduct a hypothesis test specifying Ho: μo = 23 grams. (a) Report the T-Score test statistic (T). Round your answer to three decimal places. (b) Based on the T-Score test statistic (T) in (a), do you have sufficient evidence to reject Ho when α = 0.05? (c) Based on the T-Score test statistic (T) in (a), do you make a Type I or Type II er- ror when α = 0.05? (d) Based on the T-Score test statistic (T) in (a), do you have sufficient evidence to reject Ho when a = 0.01? (e) Based on the T-Score test statistic (T) in (a), do you make a Type I or Type II er- ror when a = 0.01? You obtain a sample of N = 15 frogs, where the average weight in grams (X) equals 23.4 grams and s = 0.95. You wish to conduct a hypothesis test…arrow_forwardThis is statistics . I am really stuck. Please help!arrow_forward
- Not use ai pleasearrow_forwardnot use ai pleasearrow_forwardThe term marketing mix refers to the different components that can be controlled in a marketing strategy to increase sales or profit. The name comes from a cooking-mix analogy used by Neil Borden in his 1953 presidential address to the American Marketing Association. In 1960, E. Jerome McCarthy proposed the “four Ps” of marketing—product, price, place (or distribution), and promotion—as the most basic components of the marketing mix. Variables related to the four Ps are called marketing mix variables. A market researcher for a major manufacturer of computer printers is constructing a multiple regression model to predict monthly sales of printers using various marketing mix variables. The model uses historical data for various printer models and will be used to forecast sales for a newly introduced printer. The dependent variable for the model is: y = sales in a given month (in thousands of dollars) The predictor variables for the model are chosen from the following marketing mix…arrow_forward
- 13. For the following studies, determine the null and alternative hypotheses and classify thehypothesis test as two tailed, left-tailed or right-tailed.a) A study was conducted comparing the wing lengths of two subspecies of dark-eyedjuncos. One of the subspecies migrates, the other does not. A hypothesis test is to beperformed to decide whether the mean wing length of the non-migratory birds is lessthan that of the migratory birds.b) A half-century ago, the average (U.S.) woman in her 20s was 62.6 inches tall. To see ifwoman tend to be taller, a random sample of 1000 women in their 20s was recentlyconducted and heights were recorded. A hypothesis test is to be performed to decide ifthe mean height of women in their 20s today is greater than that of the women in their20s a half-century ago.arrow_forward14. A study was done to test the relationship between breast milk and a child’s subsequentIQ. The researchers analyzed IQ data on 946 children at the age of 7 ½ to 8 years. Themothers of the children in the study had chosen whether to provide their infants withbreast milk. The researchers used the following designations. Group 1: mothersdeclined to provide breast milk; Group 2: mothers had chosen but were unable toprovide breast milk; Group 3: mothers had chosen and were able to provide breast milk.A hypothesis test is to be performed to decide if there is a difference in mean IQ amongthe three groups. Based on the methods studied in this class, what hypothesis test doyou think would fit the best? What would be the null hypothesis and what would be thealternative hypothesis? What are the assumptions for the test, and would you have anyconcerns about these assumptions.arrow_forward7. The National Center for Health Statistics conducts a National Health Interview Surveyevery year. Each year they randomly select U.S. households to interview. In 2020, theysurveyed 37,358 people and found that 3,624 of these people did not have healthinsurance. In 2021, they surveyed 37,989 people and found that 3,495 of these peopledid not have health insurance.At a 5% significance level, did the proportion of people who didn’t have healthinsurance decrease from 2020 to 2021?You need to use a hypothesis test for this, and you need to state your null andalternative hypotheses, your test statistic value, your p-value or critical value, and yourconclusion.arrow_forward
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