Statistical Techniques in Business and Economics
Statistical Techniques in Business and Economics
16th Edition
ISBN: 9780077639723
Author: Lind
Publisher: Mcgraw-Hill Course Content Delivery
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Concept explainers

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
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Chapter 5, Problem 94DE

Refer to the data on the school buses in the Buena School District. Set up a variable that divides the age of the buses into three groups: new (less than 5 years old), medium (5 but less than 10 years), and old (10 or more years). The median maintenance cost is $456. Based on this value, create a variable for those less than or equal to the median (low maintenance) and those more than the median (high maintenance). Finally, develop a table to show the relationship between maintenance cost and age of the bus.

  1. a. What percentage of the buses are new?
  2. b. What percentage of the new buses have low maintenance?
  3. c. What percentage of the old buses have high maintenance?
  4. d. Does maintenance cost seem to be related to the age of the bus? Hint: Compare the maintenance cost of the old buses with the cost of the new buses? Would you conclude maintenance cost is independent of the age?
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Chapter 5 Solutions

Statistical Techniques in Business and Economics

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