Basic Business Statistics, Student Value Edition

14th Edition

ISBN: 9780134685113

Author: Mark L. Berenson, David M. Levine, David F. Stephan, Kathryn Szabat

Publisher: PEARSON

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Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as p…

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Textbook Question

Chapter 13, Problem 75PS

Measuring the height of a California redwood tree is very difficult because these trees grow to heights of over 300 feet. People with these trees understand that the height of a California redwood tree is related to other characteristics of the tree, including the diameter of the tree at the breast height of a person. The data in Redwood represent the height (in feet) and diameter (in inches) at the height of a person for a sample of 21 California redwood trees.

a. Assuming a linear relationship, use the least-squares method to compute the regression coefficients b 0 and b 1 . State the regression equation that predicts the height of a tree based on the treeâ€™s diameter at breast at breast height of a person.

b. Interpret the meaning of the slope in this equation.

c. Predict the mean height for a tree that has a breast height diameter of 25 inches.

d. Interpret the meaning of the coefficient of determination in this problem.

e. Perform a residual analysis on the results and determine the adequacy of the model.

f. Determine whether there is a significant relationship between the height of redwood trees and the breast height diameter at the 0.05 level of significance.

g. Construct a 95 % confidence interval estimate of the population slope between the height of the redwood trees and breast height diameter.

h. What conclusions can you reach about the relationship of the diameter of the tree and its height?

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Chapter 13, Problem 74PS

Chapter 13, Problem 76PS

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Chapter 13 Solutions

Basic Business Statistics, Student Value Edition

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Solution Summary: The author explains how to find the regression coefficients using least-squares method using Minitab.

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