Statistics for Business and Economics (13th Edition)

13th Edition

ISBN: 9780134506593

Author: James T. McClave, P. George Benson, Terry Sincich

Publisher: PEARSON

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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

Chapter 11, Problem 11.102LM

Consider the following sample data.

Chapter 11, Problem 11.102LM, Consider the following sample data. a. Construct a <x-custom-btb-me data-me-id='759' class='microExplainerHighlight'>scatterplot</x-custom-btb-me> for the data. b. It is possible to

a. Construct a scatterplot for the data.
b. It is possible to find many lines for which Σ(y − ŷ) = 0. For this reason, the criterion Σ(y − ŷ) = 0. is not used for identifying the “best-fitting” straight line. Find two lines that have Σ(y − ŷ) = 0.
c. Find the least squares line.
d. Compare the value of SSE for the least squares line with that of the two lines you found in part b. What principle of least squares is demonstrated by this comparison?

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Chapter 11, Problem 11.101LM

Chapter 11, Problem 11.103LM

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Consider the following data: Fit a line, y = x1 + x2t, to the data using the least squares approach.

The following summary statistics resulted from a study of the relationship between the cost ofa barrel of crude oil (x) and the price of a gallon of regular unleaded gasoline (y).n = 12x  241.1 y  14.34 4,932.82 x  17.288 2 y  xy  291.55(1) Compute the sample correlation r and use it to judge the strength of linear relationshipbetween x and y.(2) Obtain the equation of the least squares line, and interpret its slope and intercept.(3) Predict the price of a gallon of regular unleaded gasoline when the cost of a barrel of crudeoil is 50.

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Chapter 11 Solutions

Statistics for Business and Economics (13th Edition)

Ch. 11.1 - In each case, graph the line that passes through...Ch. 11.1 - Give the slope and y-intercept for each of the...Ch. 11.1 - The equation for a straight line (deterministic...Ch. 11.1 - Refer to Exercise 11.3. Find the equations of the...Ch. 11.1 - Plot the following lines: a. y 4 + x b. y = 5 2x...Ch. 11.1 - Give the slope and y-intercept for each of the...Ch. 11.1 - Prob. 11.7LM Ch. 11.1 - Prob. 11.8LM Ch. 11.1 - If a straight-line probabilistic relationship...Ch. 11.1 - Congress voting on women's issues. The American...

Ch. 11.1 - Best-paid CEOs. Refer to Glassdoor Economic...Ch. 11.1 - Estimating repair and replacement costs of water...Ch. 11.1 - Forecasting movie revenues with Twitter. A study...Ch. 11.2 - The following table is similar to Table 11.2.It is...Ch. 11.2 - Refer to Exercise 11.14. After the least squares...Ch. 11.2 - Construct a scatterplot for the data in the...Ch. 11.2 - Consider the following pairs of measurements: a....Ch. 11.2 - Use the applet Regression by Eye to explore the...Ch. 11.2 - In business, do nice guys finish first or last?...Ch. 11.2 - State Math SAT scores. Refer to the data on...Ch. 11.2 - Lobster fishing study. Refer to the Bulletin of...Ch. 11.2 - Repair and replacement costs of water pipes. Refer...Ch. 11.2 - Joint Strike Fighter program. The Joint Strike...Ch. 11.2 - Software millionaires and birthdays. In Outliers:...Ch. 11.2 - Prob. 11.24ACI Ch. 11.2 - Ranking driving performance of professional...Ch. 11.2 - Sweetness of orange juice. The quality of the...Ch. 11.2 - Forecasting movie revenues with Twitter. Marketers...Ch. 11.2 - Charisma of top-level leaders. According to a...Ch. 11.2 - Ran kings of research universities. Refer to the...Ch. 11.2 - Prob. 11.30ACA Ch. 11.3 - Visually compare the scatterplots shown below. If...Ch. 11.3 - Calculate SSE and s2 for each of the following...Ch. 11.3 - Suppose you fit a least squares line to 26 data...Ch. 11.3 - Refer to Exercise 11.14 (p. 629). Calculate SSE,...Ch. 11.3 - Do nice guys really finish last in business? Refer...Ch. 11.3 - State Math SAT scores. Refer to the simple linear...Ch. 11.3 - Prob. 11.37ACB Ch. 11.3 - Prob. 11.38ACB Ch. 11.3 - Prob. 11.39ACB Ch. 11.3 - Prob. 11.40ACI Ch. 11.3 - Prob. 11.41ACI Ch. 11.3 - Sweetness of orange juice. Refer to the study of...Ch. 11.3 - Rankings of research universities. Refer to the...Ch. 11.3 - Life tests of cutting tools. To Improve the...Ch. 11.4 - Construct both a 95% and a 90% confidence interval...Ch. 11.4 - Consider the following pairs of observations: a....Ch. 11.4 - Refer to Exercise 11.46. Construct an 80% and a...Ch. 11.4 - Do the accompanying data provide sufficient...Ch. 11.4 - State Math SAT Scores. Refer to the SPSS simple...Ch. 11.4 - Lobster fishing study. Refer to the Bulletin of...Ch. 11.4 - Prob. 11.51ACB Ch. 11.4 - Prob. 11.52ACB Ch. 11.4 - Estimating repair and replacement costs of water...Ch. 11.4 - Prob. 11.54ACB Ch. 11.4 - Prob. 11.55ACI Ch. 11.4 - Beauty and electoral success. Are good looks an...Ch. 11.4 - Prob. 11.57ACI Ch. 11.4 - Prob. 11.58ACI Ch. 11.4 - Prob. 11.59ACI Ch. 11.4 - Prob. 11.60ACI Ch. 11.4 - Rankings of research universities. Refer to the...Ch. 11.4 - Prob. 11.62ACA Ch. 11.4 - Does elevation impact hitting performance in...Ch. 11.5 - Explain what each of the following sample...Ch. 11.5 - Describe the slope of the least squares line if a....Ch. 11.5 - Construct a scatterplot for each data set. Then...Ch. 11.5 - Calculate r2 for the least squares line in each of...Ch. 11.5 - Use the applet Correlation by Eye to explore the...Ch. 11.5 - In business, do nice guys finish first or last?...Ch. 11.5 - Going for it on fourth-down in the NFL Each week...Ch. 11.5 - Lobster fishing study. Refer to the Bulletin of...Ch. 11.5 - RateMyProfessors.com. A popular Web site among...Ch. 11.5 - Last name and acquisition timing. Refer to the...Ch. 11.5 - Women in top management. An empirical analysis of...Ch. 11.5 - Prob. 11.74ACI Ch. 11.5 - Prob. 11.75ACI Ch. 11.5 - Prob. 11.76ACI Ch. 11.5 - Prob. 11.77ACI Ch. 11.5 - Prob. 11.78ACI Ch. 11.5 - Evaluation of an imputation method for missing...Ch. 11.5 - Prob. 11.80ACI Ch. 11.5 - Prob. 11.81ACA Ch. 11.6 - Consider the followings of measurements: a...Ch. 11.6 - Consider the pairs of measurements shown in the...Ch. 11.6 - In fitting a least squares line to n = 10 data...Ch. 11.6 - Prob. 11.86ACB Ch. 11.6 - Prob. 11.87ACB Ch. 11.6 - Prob. 11.88ACB Ch. 11.6 - Prob. 11.89ACB Ch. 11.6 - Prob. 11.90ACB Ch. 11.6 - Prob. 11.91ACI Ch. 11.6 - Ranking driving performance of professional...Ch. 11.6 - Spreading rate of spilled liquid Refer to the...Ch. 11.6 - Removing nitrogen from toxic wastewater. Highly...Ch. 11.6 - Predicting quit rates In manufacturing The reasons...Ch. 11.6 - Life tests of cutting tools Refer to the data...Ch. 11.7 - Prices of recycled materials. Prices of recycled...Ch. 11.7 - Thickness of dust on solar cells. The performance...Ch. 11.7 - Management research In Africa. The editors of the...Ch. 11.7 - An MBAs work-life balance. The importance of...Ch. 11 - In fitting a least squares line ton= 15 data...Ch. 11 - Consider the following sample data. a. Construct a...Ch. 11 - Consider the following 10 data points. a. Plot the...Ch. 11 - Drug controlled-release rate study. The effect of...Ch. 11 - Metaskills and career management. Effective...Ch. 11 - Burnout of human services professionals. Emotional...Ch. 11 - Retaliation against company whistle-blowers....Ch. 11 - Extending the life of an aluminum smelter pot. An...Ch. 11 - Diamonds sold at retail. Refer to the Journal of...Ch. 11 - Sports news on local TV broadcasts. The Sports...Ch. 11 - Evaluating managerial success. An observational...Ch. 11 - Doctors and ethics. Refer to the Journal of...Ch. 11 - FCAT scores and poverty. In the state of Florida,...Ch. 11 - Monetary values of NFL teams. Refer to the Forbes...Ch. 11 - Evaluating a truck weigh-in-motion program. The...Ch. 11 - Energy efficiency of buildings. Firms conscious of...Ch. 11 - Forecasting managerial needs. Managers are an...Ch. 11 - Prob. 11.118ACA Ch. 11 - Prob. 11.119CTC Ch. 11 - Prob. 11.120CTC

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