Week 7 Homework Problems

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Apr 3, 2024

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Letticia Solomon 10.1.2 Table #10.1.6 contains the value of the house and the amount of rental income in a year that the house brings in. a) Create a scatter plot and find a regression equation between house value and rental income. b) Then use the regression equation to find the rental income for a house worth $230,000 and for a house worth $400,000. c) Find the correlation coefficient. Data of House Value versus Rental Value Rental Value Rental 67500 6864 170000 9568 77000 4576 174000 10400 85000 7072 190000 8320 94000 8736 200000 12272 104000 7904 200000 10400 115000 7904 208000 10400 125000 7904 225000 12480 130000 9776 240000 12064 135000 7488 244500 11232 140000 9152 270000 12896 148000 8320 300000 12480 165000 13312 310000 12480 a. STAT200 Week 7 Homework
b. For a house worth $230,000 y = 0.028*$230,000 + $4,941.4 = $6,440+ $4941.4 = $11,381.4 For a house worth $400,000 y = 0.028*$400,000 + $4,941.4 = $11,200 + $4941.4 = $16,141.4 c. Using Excel’s in-built correl function, the correlation coefficient is = 0.835075 The high value indicates that there is a strong positive correlation between house value and rental income. 10.1.4 The World Bank collected data on the percentage of GDP that a country spends on health expenditures and the percentage of women receiving prenatal care. The data is showed in table. a) Create a scatter plot of the data and find a regression equation between percentage spent on health expenditure and the percentage of women receiving prenatal care. b) Use the regression equation to find the percent of women receiving prenatal care for a country that spends 5.0% of GDP on health expenditure and for a country that spends 12.0% of GDP. c) Find the correlation coefficient Health Expenditure (% of GDP) Prenatal Care (%) 9.6 47.9 3.7 54.6 5.2 93.7 5.2 84.7 10.0 100.0 4.7 42.5 4.8 96.4 6.0 77.1 5.4 58.3 4.8 95.4 4.1 78.0 6.0 93.3 9.5 93.3 6.8 93.7 6.1 89.8
a. b. Using Excel’s in-built slope function, the slope of the regression equation is Thus; Slope = 1.6606 Similarly, using Excel’s in-built intercept function, the y-intercept is y-Intercept = = 69.739% The regression equation for the percentage of GDP spent on health expenditure, and the percentage of women receiving prenatal care is y = 1.6606x + 69.739% For a country that spends 5.0% of GDP on health expenditure y = 1.6606*5% + 69.739% = 8.303% + 69.739% = 78.04% Thus, percent of women receiving prenatal care is 78.04% For a country that spends 12.0% of GDP on health expenditure y = 1.6606*5% + 69.739% = 19.927% + 69.739% = 89.67% Thus, percent of women receiving prenatal care is 89.67% c. Using Excel’s in-built correl function, the correlation coefficient is
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