Essentials of Modern Business Statistics with Microsoft Office Excel (Book Only)
7th Edition
ISBN: 9781337298353
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
Publisher: South-Western College Pub
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Chapter 2.4, Problem 39E
To determine
(a)
To Plot:
The
To determine
(b)
The relationship between two variables Driving Speed and Fuel Efficiency with reference to Scatter plot.
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A real estate expert wanted to find the relationship between the sale price of
houses and various characteristics of the houses. She collected data on four
variables, for 13 houses that were sold recently:
Price: Sale Price of a house in thousands of pounds
Lot size: Size of the lot in acres
Living area: Living area in square feet
Age: Age of a house in years.
Price
255
178
263
127
305
164
245
146
287
189
234
211
123
Lot size
1.4
0.9
1.8
0.7
2.6
1.2
2.1
1.1
2.8
1.6
3.2
1.7
0.5
Living area
2500
2250
2900
1800
3200
2400
2700
2050
2850
2400
2600
2300
1700
Age
8
12
5
24
10
18
9
28
13
4
9
8
11
A real estate agent wanted to find the relationship between sale price of houses and the size of the house.
She collected data on two variables recorded in the following table for 15 houses in Seattle. The two variables
are
PRICE= Sale price of houses in thousands of dollars
SIZE= Area of the entire house in square feet.
PRICE
455
278
463
327
505
264
445
346
487
289
434
411
223
323
488
250
225
290
180
320
240
270
205
285
240
260
230
170
230
298
SIZE
a) Using MICROSOFT EXCEL- run the above regression and copy the output into your assignment word document
from which you can write down the least square regression line. Write down the least square regression line
from that specific output. USE THE NAME OF VARIABLES WHEN YOU WRITE THE EQUATION.
b) Interpret the slope and constant term with proper UNITS assigned.
c) Comment on the explanatory power of the regression model from the required output. Copy that specific
output into your assignment word document.
Now to increase the explanatory…
The following ACF plots were produced for raw data of monthly sales of two different variables, A and B. Explain in detail which variable (A or B) is likely to be easier to forecast.
Chapter 2 Solutions
Essentials of Modern Business Statistics with Microsoft Office Excel (Book Only)
Ch. 2.1 - The response to a question has three alternatives:...Ch. 2.1 - A partial relative frequency distribution is...Ch. 2.1 - A questionnaire provides 58 Yes, 42 No, and 20...Ch. 2.1 - Prob. 4ECh. 2.1 - In alphabetical order, the six most common last...Ch. 2.1 - Nielsen Media Research provided the list of the 25...Ch. 2.1 - The Canmark Research Center Airport Customer...Ch. 2.1 - Prob. 8ECh. 2.1 - Nearly 1.8 million bachelor's degrees and over...Ch. 2.1 - VirtualTourist provides ratings for hotels...
Ch. 2.2 - Consider the following data. a. Develop a...Ch. 2.2 - Consider the following frequency distribution...Ch. 2.2 - Prob. 13ECh. 2.2 - Prob. 14ECh. 2.2 - Prob. 15ECh. 2.2 - Construct a stem-and-leaf display for the...Ch. 2.2 - A doctor's office staff studied the waiting times...Ch. 2.2 - CBSSports.com developed the Total Player Ratings...Ch. 2.2 - Based on the tons handled in a year, the ports...Ch. 2.2 - The London School of Economics and the Harvard...Ch. 2.2 - Quantcast.com provides the number of people from...Ch. 2.2 - Entrepreneur magazine ranks franchises using...Ch. 2.2 - The following data show the year-to-date percent...Ch. 2.2 - Prob. 24ECh. 2.2 - Prob. 25ECh. 2.2 - The Flying Pig Half-Marathon (13.1 miles) had...Ch. 2.3 - The following data are for 30 observations...Ch. 2.3 - The following observations are for two...Ch. 2.3 - The Daytona 500 is a 500-mile automobile race held...Ch. 2.3 - The following crosstabulation shows the average...Ch. 2.3 - Prob. 31ECh. 2.3 - The following crosstabulation shows the number of...Ch. 2.4 - Prob. 36ECh. 2.4 - Consider the following data on two categorical...Ch. 2.4 - Prob. 38ECh. 2.4 - Prob. 39ECh. 2.4 - Prob. 40ECh. 2.4 - Prob. 41ECh. 2.4 - Prob. 42ECh. 2.4 - The Northwest regional manager of an outdoor...Ch. 2 - Approximately 1.5 million high school students...Ch. 2 - Data showing the population by state in millions...Ch. 2 - A startup company's ability to gain funding is a...Ch. 2 - Prob. 49SECh. 2 - Prob. 50SECh. 2 - Western University has only one women's softball...Ch. 2 - Prob. 53SECh. 2 - Prob. 57SECh. 2 - A zoo has categorized its visitors into three...Ch. 2 - Pelican Stores, a division of National Clothing,...Ch. 2 - Prob. 2.1.2CPCh. 2 - Pelican Stores, a division of National Clothing,...Ch. 2 - Pelican Stores, a division of National Clothing,...Ch. 2 - Case Problem 2Motion Picture Industry The motion...Ch. 2 - Prob. 2.2.2CPCh. 2 - Case Problem 2 Motion Picture Industry The motion...Ch. 2 - Case Problem 2 Motion Picture Industry The motion...Ch. 2 - Case Problem 3Queen City Cincinnati, Ohio, also...Ch. 2 - Case Problem 3Queen City Cincinnati, Ohio, also...Ch. 2 - Case Problem 3Queen City Cincinnati, Ohio, also...Ch. 2 - Case Problem 4Cut-Rate Machining, Inc. Jon...Ch. 2 - Case Problem 4Cut-Rate Machining, Inc. Jon...Ch. 2 - Case Problem 4Cut-Rate Machining, Inc. Jon...
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- Find the equation of the regression line for the following data set. x 1 2 3 y 0 3 4arrow_forwardA study on driving speed (miles per hour) and fuel efficiency (miles per gallon) for midsize automobiles resulted in the following data: Click on the datafile logo to reference the data. DATA file 3. a. Which of the following is a scatter diagram with driving speed on the horizontal axis and fuel efficiency on the vertical axis? 1. Fuel Efficiency (MPG) Fuel Efficiency (MPG) -30- -20 -10 30 -20 10 10. 10 20 30 40 Driving Speed (MPH) 50 20 30 4,0 50 Driving Speed (MPH) 60 60 2. 4. Fuel Efficiency (MPG) 30 -20 10- Full Efficiency (MPC) 30 -10- 10 10 Driving Speed 30 50 40 55 30 25 60 25 50 55 Fuel Efficiency 28 25 25 23 30 32 21 35 26 25 20 30 40 50 60 Driving Speed (MPH) - Select your answer - V b. Comment on any apparent relationship between these two variables. For midsized cars, lower driving speeds seem to yield - Select your answer - miles per gallon. 50 20 30 40 Driving Speed (MPH) 6,0arrow_forwardChad Dobson is considering real estate investment near a community college. The accompanying data file includes monthly rents (in $) for 27 houses, along with three characteristics of the home: number of bedrooms (Beds), number of bathrooms (Baths), and square footage (Sqft). Rent Beds Baths Sqft 2950 4 4 1453 2400 4 2 1476 2375 3 3 1132 2375 3 3 1132 2350 4 2.5 1589 2000 3 2.5 1459 1935 3 2 1200 1825 3 2 1248 1810 2 2 898 1735 3 2.5 1060 1695 3 2 1100 1405 3 1 1030 1375 2 1 924 1365 2 1 974 1325 2 2 988 1275 2 2 880 1200 1 1 712 1180 2 1.5 890 1180 2 2 960 1115 2 1 1020 1100 2 1 903 1060 1 1 724 1007 3 2 1260 850 2 1.5 890 810 1 1 570 785 1 1 475 744 2 1 930 1. Estimate the linear model that uses Rent as the response variable. Note: Negative values should be indicated by a minus sign. Round your answers to 2 decimal places. 2. Estimate the exponential model that uses log of Rent as the response variable. Note: Negative…arrow_forward
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