Statistical Techniques in Business and Economics
18th Edition
ISBN: 9781260579611
Author: Douglas Lind; William Marchal; Samuel Wathen
Publisher: MCGRAW-HILL HIGHER EDUCATION
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 14, Problem 1.6PT
Given the following regression equation, Ŷ = 7 − .5X, and that the coefficient of determination is .81, answer questions 6, 7, and 8.
6. At what point does the regression equation cross the Y-axis?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
A data set consists of these points: (2, 4), (4, 7), (5, 12). Malinda found the
regression equation to be ŷ = 2.5x- 1.5. Is she correct?
A. No. Both a and bare incorrect.
O B. No. The value for b is incorrect.
C. No. The value for a is incorrect.
O D. Yes. This is the correct equation.
10:56
AA
www-awn.aleks.com
O REGRESSION AND CORRELATION
Predictions from the least-squares regressio.
OC OO D
The managers of an electric utility wish to examine the relationship
between temperature and electricity use in the utility's service region
during the summer months. In particular, the managers wish to be able
to predict total electricity use for a day from the maximum temperature
that day. The bivariate data below give the maximum temperature (in
degrees Fahrenheit) and the electricity use (in thousands of kilowatt
hours) of electricity generated and sold for a random sample of sixteen
summer days. A best-fitting line for the data, obtained from least-
squares regression, is given by =53.28 + 3.07.x, in which x denotes the
maximum temperature and y denotes the electricity use. This line is
shown in the Figure 1 scatter plot.
Temperature, x Electricity use, y
(in degrees
Fahrenheit)
(in thousands of
kilowatt hours)
78.4
295.4
72.5
232.1
00-
72.7
276.8
94.5
363.4
375
94.8
335.6…
Given the following multiple regression equation : y = 122+ 2 x, +1x2, where Y:Total expenses, Xị: income
and X2 wealth. If a person has an income of $1132 and a wealth of $2563. Then their total expenses
would be :
Select one:
O a. -4705.00
b. 6380.00
OC. 4949.00
O d. 4827.00
Next page
ACTIVITY
NEXT ACTIVITY
Jump to.
Chapter 14 Solutions
Statistical Techniques in Business and Economics
Ch. 14 - There are many restaurants in northeastern South...Ch. 14 - Prob. 1ECh. 14 - Thompson Photo Works purchased several new, highly...Ch. 14 - A consulting group was hired by the Human...Ch. 14 - Cellulon, a manufacturer of home insulation, wants...Ch. 14 - Refer to Self-Review 141 on the subject of...Ch. 14 - Prob. 5ECh. 14 - Prob. 6ECh. 14 - Prob. 3SRCh. 14 - Given the following regression output, answer the...
Ch. 14 - The following regression output was obtained from...Ch. 14 - A study by the American Realtors Association...Ch. 14 - The manager of High Point Sofa and Chair, a large...Ch. 14 - Prob. 10ECh. 14 - Prob. 11ECh. 14 - A real estate developer wishes to study the...Ch. 14 - Prob. 13CECh. 14 - Prob. 14CECh. 14 - Prob. 15CECh. 14 - Prob. 16CECh. 14 - The district manager of Jasons, a large discount...Ch. 14 - Suppose that the sales manager of a large...Ch. 14 - The administrator of a new paralegal program at...Ch. 14 - Prob. 20CECh. 14 - Prob. 21CECh. 14 - A regional planner is studying the demographics of...Ch. 14 - Great Plains Distributors, Inc. sells roofing and...Ch. 14 - Prob. 24CECh. 14 - Prob. 25CECh. 14 - Prob. 26CECh. 14 - Prob. 28CECh. 14 - Prob. 29CECh. 14 - The director of special events for Sun City...Ch. 14 - Prob. 31CECh. 14 - Prob. 32CECh. 14 - Prob. 33DACh. 14 - Prob. 34DACh. 14 - Prob. 35DACh. 14 - Prob. 1PCh. 14 - Quick-print firms in a large downtown business...Ch. 14 - The following ANOVA output is given. a. Compute...Ch. 14 - Prob. 1CCh. 14 - Prob. 2CCh. 14 - Prob. 3CCh. 14 - In a scatter diagram, the dependent variable is...Ch. 14 - What level of measurement is required to compute...Ch. 14 - If there is no correlation between two variables,...Ch. 14 - Which of the following values indicates the...Ch. 14 - Under what conditions will the coefficient of...Ch. 14 - Given the following regression equation, = 7 ...Ch. 14 - Given the following regression equation, = 7 ...Ch. 14 - Given the following regression equation, = 7 ...Ch. 14 - Prob. 1.9PTCh. 14 - In a multiple regression equation, what is the...Ch. 14 - Prob. 1.11PTCh. 14 - Prob. 1.12PTCh. 14 - For a dummy variable, such as gender, how many...Ch. 14 - What is the term given to a table that shows all...Ch. 14 - If there is a linear relationship between the...Ch. 14 - Given the following regression analysis output: a....Ch. 14 - Given the following regression analysis output. a....
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Consider the following regression equation: y = -5.3 + 8.8x.What does 8.8 depict in the regression equation above? a. None of the options. b. The direction of the line. c. The point where x = 0. d. The y-intercept.arrow_forwardRefer to the data in the table: x y -3 0 -2 0 -1 1 0 1 1 3 2 4 Part a: Make a scatter plot and determine which type of model best fits the data. Part b: Find the regression equation. Part c: Use the equation from Part b to determine y when x = 25.arrow_forwardGiven the following multiple regression equation : y = 122+ 2 x1 + 1 x2, where Y:Total expenses, X1: income and X2 wealth . If a person has an income of $1132 and a wealth of $2563. Then their total expenses would be : Select one: Oa. -4705.00 Ob. 6380.00 OC. 4949.00 Od. 4827.00 Next page ACTIVITY NEXT ACTIVITY Jump to...arrow_forward
- Consider the following regression equation: y = -3.9 + 7.2x What does 7.2 depict in the regression equation above? a) The direction of the line. b) The y-intercept. c) The point where x = 0. d) The y when x = 7.2.arrow_forwardThe relationship between income and expenditure y was estimated by the following regression equation. ý = 300 + 0.9.r If a person has income 3500, what is the predicted expenditure? Select one: a. 3450 O b. 2820 c. 2280 d. 3180arrow_forwardQ1: Given the regression equation Y=40 - 4X. Find the value of the dependent variable Y for X =0,1,2,3,4,…,10 and plot the graph of X and Y on actual graph paper; also interpret it.arrow_forward
- A sales manager collected the following data on y = annual sales and x = years of experience. The estimated regression equation for these data is y = 80 + 4x. Click on the datafile logo to reference the data. (NEED ANSWERS FOR A, B, C) a. Compute SST, SSR, and SSE. b. Compute the coefficient of determination r2. Comment on the goodness of fit. __________ (provides a good fit / does not produce much of a fit) c. What is the value of the sample correlation coefficient (to 2 decimals)?arrow_forwardThe accompanying data are the length (in centimeters) and girths (in centimeters) of 12 harbor seals. Find the equation of the regression line. Then construct a scatter plot of the data and draw the regression line. Then use the regression equation to predict the value of y for each of the given x-values, if meaningful. If the x-value is not meaningful to predict the value of y, explain why not. Length, x Girth, y 136 105 168 131 151 117 144 106 160 126 159 119 123 102 138 103 156 120 147 111 148 106 147 109 The equation of the regression line is ŷ = ______ x + ______ (Round the slope to three decimal places as needed. Round the y-intercept to two decimal places as needed.) (a) x = 140 cm, (b) x = 172 cm, (c) x = 164 cm, (d) x = 158 cm Use the regression equation to predict…arrow_forwardFor the given data below, Solve, a. Find the regression equation, y = b0 + b1x.b. If x = 170 orders, how many shipments are expected?arrow_forward
- Refer to the data set:Part a: Make a scatter plot and determine which type of model best fits the data.Part b: Find the regression equation.Part c: Use the equation from Part b to determine y when x = 5.arrow_forwardPlease answer A & B and show the solution. Thank you!arrow_forwardRefer to the data set: Part a: Make a scatterplot and determine which type of model best fits the data.Part b: Find the regression equation, round to two decimal places if necessary.Part c: Use the equation from Part b to determine y when x = -3.6.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage LearningAlgebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Linear Algebra: A Modern Introduction
Algebra
ISBN:9781285463247
Author:David Poole
Publisher:Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:9781133382119
Author:Swokowski
Publisher:Cengage
Correlation Vs Regression: Difference Between them with definition & Comparison Chart; Author: Key Differences;https://www.youtube.com/watch?v=Ou2QGSJVd0U;License: Standard YouTube License, CC-BY
Correlation and Regression: Concepts with Illustrative examples; Author: LEARN & APPLY : Lean and Six Sigma;https://www.youtube.com/watch?v=xTpHD5WLuoA;License: Standard YouTube License, CC-BY