BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
14th Edition
ISBN: 9780134685045
Author: BERENSON
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 14, Problem 29PS
a.
To determine
Determine a required
b.
To determine
Determine whether each independent variable makes significant contribution to the regression model. Also, indicate which independent variable is included in this model.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Suppose the athletic director at a university would like to develop a regression model to predict the point differential for games played by the men's basketball team. A point differential is the difference between the final points scored by two competing teams. A positive differential is a win, and a negative differential is a loss. For a random sample of games, the point differential was calculated, along with the number of assists, rebounds, turnovers, and personal fouls. Use the data in the accompanying table attached below to complete parts a through e below. Assume a = 0.05.
a) Using technology, construct a regression model using all three independent variables.
y = __ + (_)x1 + (_)x2 + (_)x3 + (_)x4
b) Test the significance of each independent variable using a= 0.10.
c) interpret the p-value for each independent variable.
d) Construxt a 90% confidence interval for the regression coefficients for each independent variable and interpret the meaning.
e) Using the results from…
The local utility company surveys 11 randomly selected customers. For each survey participant, the
company collects the following: annual electric bill (in dollars) and home size (in square feet). Output from
a regression analysis is as follows: bill 19.6+4.44. size.
Coefficients Estimate Std. Error
(Intercept)
Size
19.6
4.44
0.52
0.2
Round your answer to three decimal places, and round any interim calculations to four decimal places.
We are 98% confident that the mean annual electric bill increases by between
dollars and
dollars for every additional square foot in home size.
The local utility company surveys 19 randomly selected customers. For each survey participant, the
company collects the following: annual electric bill (in dollars) and home size (in square feet). Output from
a regression analysis is as follows: bill 11.45 +3.26 size.
Coefficients Estimate Std. Error
(Intercept)
Size
11.45
3.26
0.83
0.35
Round your answer to three decimal places, and round any interim calculations to four decimal places.
We are 99% confident that the mean annual electric bill increases by between
dollars for every additional square foot in home size.
dollars and
Chapter 14 Solutions
BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
Ch. 14 - For this problem, use the following multiple...Ch. 14 - For this problem, use the following multiple...Ch. 14 - A nonprofit analyst seeks to determine which...Ch. 14 - Profitability remains a challenge for banks and...Ch. 14 - The production of wine is a multibillion-dollar...Ch. 14 - Human resource managers face the business problem...Ch. 14 - Prob. 7PSCh. 14 - Prob. 8PSCh. 14 - The following ANOVA summary table is for a...Ch. 14 - The following ANOVA summary table is for a...
Ch. 14 - A financial analyst engaged in business valuation...Ch. 14 - In Problem 14.3 on page 541, you predicted...Ch. 14 - In Problem 14.5 on page 542, you used the...Ch. 14 - In Problem 14.4 on page 541, you used efficiency...Ch. 14 - In Problem 14.7 on page 542, you used the weekly...Ch. 14 - Prob. 16PSCh. 14 - Prob. 17PSCh. 14 - Prob. 18PSCh. 14 - In Problem 14.5 on page 542, you used the...Ch. 14 - Prob. 20PSCh. 14 - Prob. 21PSCh. 14 - Prob. 22PSCh. 14 - Prob. 23PSCh. 14 - Prob. 24PSCh. 14 - In Problem 14.3 on page 541, you predicted...Ch. 14 - In Problem on page 541, you used efficiency ratio...Ch. 14 - Prob. 27PSCh. 14 - In Problem 14.6 on page 542, you used full-time...Ch. 14 - Prob. 29PSCh. 14 - Prob. 30PSCh. 14 - The following is the ANOVA summary table for a...Ch. 14 - The following is the ANOVA summary table for a...Ch. 14 - In Problem 14.5 on page 542, you used alcohol...Ch. 14 - In Problem 14.4 on page 541, you used efficiency...Ch. 14 - Prob. 35PSCh. 14 - In Problem 14.6 on page 542, you used full-time...Ch. 14 - Prob. 37PSCh. 14 - Suppose X1 is a numerical variable and X2 is a...Ch. 14 - The chair of the accounting department plans to...Ch. 14 - A real estate association in a suburban community...Ch. 14 - In Problem 14.5 on page 542, you developed a...Ch. 14 - In mining engineering, holes are often drilled...Ch. 14 - The owner of a moving company typically has his...Ch. 14 - Prob. 44PSCh. 14 - Zagat’s publishes restaurant rating for various...Ch. 14 - In Problem 14.6 on page 542, you used full-time...Ch. 14 - In Problem 14.5 on page 542, the percentage of...Ch. 14 - Prob. 48PSCh. 14 - The director of a training program for a large...Ch. 14 - Prob. 50PSCh. 14 - Prob. 51PSCh. 14 - Prob. 52PSCh. 14 - Prob. 53PSCh. 14 - Prob. 54PSCh. 14 - Prob. 55PSCh. 14 - Prob. 56PSCh. 14 - Prob. 57PSCh. 14 - An automotive insurance company wants to predict...Ch. 14 - A marketing manager wants to predict customer with...Ch. 14 - A local supermarket manager wants to use two...Ch. 14 - Prob. 61PSCh. 14 - Prob. 62PSCh. 14 - Prob. 63PSCh. 14 - Prob. 64PSCh. 14 - Prob. 65PSCh. 14 - Prob. 66PSCh. 14 - Prob. 67PSCh. 14 - Prob. 68PSCh. 14 - Prob. 69PSCh. 14 - Prob. 70PSCh. 14 - Prob. 71PSCh. 14 - The owner of a moving company typically has his...Ch. 14 - Professional basketball has truly become a sport...Ch. 14 - A sample of 61 house recently listed for sale in...Ch. 14 - Measuring the height of a California redwood tree...Ch. 14 - A sample of 61 houses recently listed for sale in...Ch. 14 - Prob. 77PSCh. 14 - Referring to Problem 14.77, Suppose that an...Ch. 14 - Prob. 79PSCh. 14 - Prob. 80PSCh. 14 - Prob. 81PSCh. 14 - Prob. 82PSCh. 14 - Prob. 83PS
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Olympic Pole Vault The graph in Figure 7 indicates that in recent years the winning Olympic men’s pole vault height has fallen below the value predicted by the regression line in Example 2. This might have occurred because when the pole vault was a new event there was much room for improvement in vaulters’ performances, whereas now even the best training can produce only incremental advances. Let’s see whether concentrating on more recent results gives a better predictor of future records. (a) Use the data in Table 2 (page 176) to complete the table of winning pole vault heights shown in the margin. (Note that we are using x=0 to correspond to the year 1972, where this restricted data set begins.) (b) Find the regression line for the data in part ‚(a). (c) Plot the data and the regression line on the same axes. Does the regression line seem to provide a good model for the data? (d) What does the regression line predict as the winning pole vault height for the 2012 Olympics? Compare this predicted value to the actual 2012 winning height of 5.97 m, as described on page 177. Has this new regression line provided a better prediction than the line in Example 2?arrow_forwardWhat does the y -intercept on the graph of a logistic equation correspond to for a population modeled by that equation?arrow_forwardThe following fictitious table shows kryptonite price, in dollar per gram, t years after 2006. t= Years since 2006 0 1 2 3 4 5 6 7 8 9 10 K= Price 56 51 50 55 58 52 45 43 44 48 51 Make a quartic model of these data. Round the regression parameters to two decimal places.arrow_forward
- I WILL ONLY UPVOTE IF IT IS TYPEWRITTEN AND COMPLETE. NO UPVOTE FOR TYPEWRITTEN.DO NOT ANSWER IF YOU ALREADY ANSWERED THIS OR GET DOWNVOTE.arrow_forwardPlease help me answer this question.arrow_forwardStoaches are fictional creatures that nest in truffula forests. A researcher wants to know whether there is a relationship between a stoach’s wingspan (?W, the predictor) and its nest height (?H, the response). A sample of 88 stoaches is observed, and for each, the wing-span (in cm) and the nest height (in m) are recorded. The observed data meet the assumptions for a linear regression, so the researcher fits the regression model and obtains a regression equation ℎ̂=−0.813+0.177?,h^=−0.813+0.177w, with standard error for the coefficient of ?w equal to 0.448. Determine the ?p-value from a test for a statistically significant linear dependence of nest height on wing-span. (Give your answer to 4 decimal places.arrow_forward
- A vending machine company operates coffee vending machines in office buildings. The company wants to study the relationship between the number of cups of coffee sold per day and the number of persons working in each building. Data were collected were collected by the company and presented below. Number of Number of Cups of f. Make a copy of the scatter diagram in this item. Draw the line that best fits in the scatter diagram using the regression equation. persons Coffee Sold working at Location g. Locate the (X,). Describe its location in relation to the other plotted data. 15 20 10 15 h. Give a practical interpretation of the values of a and b. 16 20 i. Show that the regression equation can be expressed in the form: (y - y) = b(x - x) 18 25 22 30arrow_forwardA study is conducted to determine if there is a relationship between the two variables, blood haemoglobin (Hb) levels and packed cell volumes (PCV) in the female population. A simple linear regression analysis was performed using SPSS. Based on the SPSS output of the ANOVA table, which of the following statements is the CORRECT interpretation? 1. The regression model statistically significantly predicts the blood haemoglobin level. 2. About 39.98 % of variance in Hb is explained by PCV. 3. The regression model does not fit the data. 4. There is significant contribution of Hb towards PCV.arrow_forwardQ: The dataset posted below lists a sample of months and the advertising budget (in hundreds of dollars) for TV, radio and newspaper advertisements. Also included is whether a coupon was published for that month and the resulting sales (in thousands of dollars). a) Develop a multiple regression model predicting the sales based off the four predictor variables: TV, radio, and newspaper advertising budget and whether a coupon is used. Recode Coupon as 0 = No and 1 = Yes. Report the estimated regression equation (Solve in Excel) TV ($100) radio ($100) newspaper ($100) Coupon sales ($1000) 0.7 39.6 8.7 No 1.6 230.1 37.8 69.2 No 22.1 4.1 11.6 5.7 Yes 3.2 44.5 39.3 45.1 No 10.4 250.9 36.5 72.3 No 22.2 8.6 2.1 1 No 4.8 17.2 45.9 69.3 Yes 9.3 104.6 5.7 34.4 No 10.4 216.8 43.9 27.2 Yes 22.3 5.4 29.9 9.4 No 5.3 69 9.3 0.9 No 9.3 70.6 16 40.8 No 10.5 151.5 41.3 58.5 No 18.5 195.4 47.7 52.9 Yes 22.4 13.1 0.4 25.6 Yes 5.3 76.4 0.8…arrow_forward
- You have estimated a multiple regression model with 6 explanatory variables and an intercept from a sample with 46 observations. What is the critical value of the test statistic (tc) if you want to perform a test for the significance of a single right-hand side (explanatory) variable at α = 0.05? a.) 2.023 b.) 2.708 c.) 2.423 d.) 2.704arrow_forwardThe manager of the Bayville police department motor pool wants to develop a forecast model for annual maintenance on police cars, based on mileage in the past year and age of the cars. The following data have been collected for eight different cars: a. Using Excel, develop a multiple regression equation for these data. b. What is the coefficient of determination for this regression equation? c. Forecast the annual maintenance cost for a police car that is 5 years old and will be driven 10,000 miles in 1 year.arrow_forward12. A consumer advocacy group recorded several variables on 140 models of cars. The resulting information was used to produce the following regression output that relates the city gas mileage (in mpg) and the engine displacement (in cubic inches). The regression equation is mpg:city= 33.4 0.0624 displacement Predictor Constant SE Coef T P 0.7762 43.00 0.000 displacement -0.0624 0.003810 0.000 S 3.13923 = R-Sq 66.0% R-Sq (adj) = 65.8% a. We have a car that has an engine with 150 cubic inches. Based on this output, what city gas mileage would you predict for this car? Coef 33.4 b. Based on this output what is the correlation between city gas mileage and displacement? C. I value: The test statistics for testing the slope is zero is missing. Calculate this The group o also recorded the power of the engine (in horsepower) for each car. The following regression output was produced. Predictor Constant horsepower The regression equation is mpg:city = 32.2 0.0572 horsepower Coef SE Coef 32.2 T…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Linear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage LearningCollege AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillFunctions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage LearningAlgebra and Trigonometry (MindTap Course List)AlgebraISBN:9781305071742Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:9781285463247
Author:David Poole
Publisher:Cengage Learning
College Algebra
Algebra
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Functions and Change: A Modeling Approach to Coll...
Algebra
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:Cengage Learning
Time Series Analysis Theory & Uni-variate Forecasting Techniques; Author: Analytics University;https://www.youtube.com/watch?v=_X5q9FYLGxM;License: Standard YouTube License, CC-BY
Operations management 101: Time-series, forecasting introduction; Author: Brandoz Foltz;https://www.youtube.com/watch?v=EaqZP36ool8;License: Standard YouTube License, CC-BY