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Some states permit only licensed firms to sell funeral goods (for example, caskets, urns) to the consumer, while other states have no restrictions. Researchers used multiple regression to investigate the impact of lifting casket sales restrictions on the cost of a funeral. Data collected for a sample of 1,473 funerals was used to fit the model. A simpler version of the model estimated by the researchers is E(y) = Bo + Bß,x, + B2x2 + B3x,x2, where y is the price (in dollars) of a direct burial, x, ={1 if funeral home is in a restricted state, O if not}, and x, = {1 if price includes a basic wooden casket, 0 if no casket}. The estimated equation (with standard errors in parentheses) is given below. Complete parts a through c below. v= 1,419 + 790x1 – 254x2 + 263x,X2, R² = 0.79 (71) (135) (105) a. Calculate the predicted price of a direct burial with a basic wooden casket at a funeral home in a restricted state. (Round to the nearest dollar as needed.) b. The data include a direct burial funeral with a basic wooden casket at a funeral home in a restricted state that costs $2,078. Assuming the standard deviation of the model is $50, is this data value an outlier? Since the observed y-value is V than V standard deviations from the predicted y-value, this observation V an outlier. c. The data also include a direct burial funeral with a basic wooden casket at a funeral home in a restricted state that costs $2,504. Again, assume that the standard deviation of the model is $50. Is this data value an outlier? Since the observed y-value is than standard deviations from the predicted y-value, this observation an outlier.

Some states permit only licensed firms to sell funeral goods (for example, caskets, urns) to the consumer, while other states have no restrictions. Researchers used multiple regression to investigate the impact of lifting casket sales restrictions on the cost of a funeral. Data collected for a sample of 1,473 funerals was used to fit the model. A simpler version of the model estimated by the researchers is E(y) = Bo + Bß,x, + B2x2 + B3x,x2, where y is the price (in dollars) of a direct burial, x, ={1 if funeral home is in a restricted state, O if not}, and x, = {1 if price includes a basic wooden casket, 0 if no casket}. The estimated equation (with standard errors in parentheses) is given below. Complete parts a through c below. v= 1,419 + 790x1 – 254x2 + 263x,X2, R² = 0.79 (71) (135) (105) a. Calculate the predicted price of a direct burial with a basic wooden casket at a funeral home in a restricted state. (Round to the nearest dollar as needed.) b. The data include a direct burial funeral with a basic wooden casket at a funeral home in a restricted state that costs $2,078. Assuming the standard deviation of the model is $50, is this data value an outlier? Since the observed y-value is V than V standard deviations from the predicted y-value, this observation V an outlier. c. The data also include a direct burial funeral with a basic wooden casket at a funeral home in a restricted state that costs $2,504. Again, assume that the standard deviation of the model is $50. Is this data value an outlier? Since the observed y-value is than standard deviations from the predicted y-value, this observation an outlier.

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section: Chapter Questions
Problem 10T: Olympic Pole Vault The graph in Figure 7 indicates that in recent years the winning Olympic men’s...
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Some states permit only licensed firms to sell funeral goods (for example, caskets, urns) to the consumer, while other states have no restrictions. Researchers used multiple regression to investigate the impact of lifting casket sales restrictions on the cost of a funeral. Data collected for a sample of 1,473 funerals was used to fit the model. A simpler version of the model estimated by the researchers is E(y) = Bo + B,x, + B2X2 + B3x,x2, where y is the price (in dollars) of a direct burial, x, = {1 if funeral home is in a restricted state, 0 if not}, and x, = {1 if price includes a basic wooden casket, 0 if no casket}. The estimated equation (with standard errors in parentheses) is given below. Complete parts a through c below. y = 1,419 + 790x, - 254x2 + 263×, x2, R² = 0.79 (71) (135) (105) a. Calculate the predicted price of a direct burial with a basic wooden casket at a funeral home in a restricted state. $ (Round to the nearest dollar as needed.) b. The data include a direct burial funeral with a basic wooden casket at a funeral home in a restricted state that costs $2,078. Assuming the standard deviation of the model is $50, is this data value an outlier? Since the observed y-value is than standard deviations from the predicted y-value, this observation an outlier. c. The data also include a direct burial funeral with a basic wooden casket at a funeral home in a restricted state that costs $2,504. Again, assume that the standard deviation of the model is $50. Is this data value an outlier? Since the observed y-value is than standard deviations from the predicted y-value, this observation an outlier.
Transcribed Image Text:Some states permit only licensed firms to sell funeral goods (for example, caskets, urns) to the consumer, while other states have no restrictions. Researchers used multiple regression to investigate the impact of lifting casket sales restrictions on the cost of a funeral. Data collected for a sample of 1,473 funerals was used to fit the model. A simpler version of the model estimated by the researchers is E(y) = Bo + B,x, + B2X2 + B3x,x2, where y is the price (in dollars) of a direct burial, x, = {1 if funeral home is in a restricted state, 0 if not}, and x, = {1 if price includes a basic wooden casket, 0 if no casket}. The estimated equation (with standard errors in parentheses) is given below. Complete parts a through c below. y = 1,419 + 790x, - 254x2 + 263×, x2, R² = 0.79 (71) (135) (105) a. Calculate the predicted price of a direct burial with a basic wooden casket at a funeral home in a restricted state. $ (Round to the nearest dollar as needed.) b. The data include a direct burial funeral with a basic wooden casket at a funeral home in a restricted state that costs $2,078. Assuming the standard deviation of the model is $50, is this data value an outlier? Since the observed y-value is than standard deviations from the predicted y-value, this observation an outlier. c. The data also include a direct burial funeral with a basic wooden casket at a funeral home in a restricted state that costs $2,504. Again, assume that the standard deviation of the model is $50. Is this data value an outlier? Since the observed y-value is than standard deviations from the predicted y-value, this observation an outlier.
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