STATISTICS F/BUSINESS+ECONOMICS-TEXT
13th Edition
ISBN: 9781305881884
Author: Anderson
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 14.2, Problem 9E
a.
To determine
Obtain a
b.
To determine
Explain the meaning of scatterplot obtained in part a, about the relationship between the two variables.
c.
To determine
Find the least square estimated regression equation.
d.
To determine
Provide the interpretation of the slope of the regression equation.
e.
To determine
Predict the annual revenue for Fox Rent A Car.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
An auto parts store operated 3528 stores in 2004. By 2007, the auto parts store operated 4110 stores. Assuming the number of stores followed a linear pattern, how many stores would they have operated in 2010?
A commercial vegetable and fruit grower carefully observes the relationship between the amount of fertilizer used on a certain variety of pumpkin and the revenue made from sales of the resulting pumpkin crop, recorded in the following table
Amount of Fertilizer (pounds/acre)
250
500
750
1000
1250
1500
1750
2000
Revenue earned (dollars/acre)
96
145
172
185
192
196
198
199
The fertilizer costs $0.14 per pound. What would you advise the grower is the most profitable amount of fertilizer to use? Check your advice by answering/calculating the following.
Is each pound of fertilizer equally effective? Explain.
Graph the data and then estimate the maximum amount of revenue that can be earned per acre from your graph. Call this estimate k.
Compute a linear regression for the data.
Compute a logarithmic regression(LnReg) for the data.
Use trial and error on your calculator to fit a function of the form r=k(1−bx)r=k(1-bx) where k is the estimate for the maximum amount of revenue and…
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies.
Company
Cars(1,000s)
Revenue($ millions)
Company A
11.5
118
Company B
10.0
137
Company C
9.0
102
Company D
5.5
39
Company E
4.2
40
Company F
3.3
32
(a)
Develop a scatter diagram with the number of cars in service as the independent variable.
A scatter diagram has 6 points plotted on it. The horizontal axis ranges from 0 to 14 and is labeled: Cars in Service (1,000s). The vertical axis ranges from 0 to 160 and is labeled: Annual Revenue ($ millions). The points are plotted from left to right in an upward, diagonal direction starting from the lower left corner of the diagram and are between 3 to 12 on…
Chapter 14 Solutions
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Ch. 14.2 - Given are five observations for two variables, x...Ch. 14.2 - Given are five observations for two variables, x...Ch. 14.2 - Given are five observations collected in a...Ch. 14.2 - The following data give the percentage of women...Ch. 14.2 - Brawdy Plastics, Inc., produces plastic seat belt...Ch. 14.2 - The National Football League (NFL) records a...Ch. 14.2 - A sales manager collected the following data on...Ch. 14.2 - The American Association of Individual Investors...Ch. 14.2 - Prob. 9ECh. 14.2 - On March 31, 2009, Ford Motor Companys shares were...
Ch. 14.2 - To help consumers in purchasing a laptop computer,...Ch. 14.2 - Concur Technologies, Inc., is a large...Ch. 14.2 - To the Internal Revenue Service, the...Ch. 14.2 - A large city hospital conducted a study to...Ch. 14.3 - The data from exercise 1 follow. xi 1 2 3 4 5 yi 3...Ch. 14.3 - The data from exercise 2 follow. xi 3 12 6 20 14...Ch. 14.3 - The data from exercise 3 follow. xi 2 6 9 13 20 yi...Ch. 14.3 - The following data show the brand, price (), and...Ch. 14.3 - In exercise 7 a sales manager collected the...Ch. 14.3 - Bicycling, the worlds leading cycling magazine,...Ch. 14.3 - An important application of regression analysis in...Ch. 14.3 - Refer to exercise 9, where the following data were...Ch. 14.5 - The data from exercise 1 follow. xi 1 2 3 4 5 yi 3...Ch. 14.5 - The data from exercise 2 follow. xi 3 12 6 20 14...Ch. 14.5 - The data from exercise 3 follow. xi 2 6 9 13 20 yi...Ch. 14.5 - In exercise 18 the data on price () and the...Ch. 14.5 - To identify high-paying jobs for people who do not...Ch. 14.5 - In exercise 8 ratings data on x = the quality of...Ch. 14.5 - Refer to exercise 21, where data on production...Ch. 14.5 - Refer to exercise 9, where the following data were...Ch. 14.5 - In exercise 20, data on x = weight (pounds) and y...Ch. 14.6 - The data from exercise 1 follow. xi 1 2 3 4 5 yi 3...Ch. 14.6 - The data from exercise 2 follow. xi 3 12 6 20 14...Ch. 14.6 - The data from exercise 3 follow. xi 2 6 9 13 20 yi...Ch. 14.6 - The following data are the monthly salaries y and...Ch. 14.6 - In exercise 7, the data on y = annual sales (...Ch. 14.6 - In exercise 13, data were given on the adjusted...Ch. 14.6 - Refer to exercise 21, where data on the production...Ch. 14.6 - In exercise 12, the following data on x = average...Ch. 14.7 - The commercial division of a real estate firm is...Ch. 14.7 - Following is a portion of the computer output for...Ch. 14.7 - A regression model relating x, number of...Ch. 14.7 - A 2012 suvey conducted by Idea Works provided data...Ch. 14.7 - Automobile racing, high-performance driving...Ch. 14.8 - Given are data for two variables, x and y. xi 6 11...Ch. 14.8 - The following data were used in a regression...Ch. 14.8 - Data on advertising expenditures and revenue (in...Ch. 14.8 - Refer to exercise 7, where an estimated regression...Ch. 14.8 - In 2011 home prices and mortgage rates dropped so...Ch. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Charity Navigator is Americas leading independent...Ch. 14.9 - Many countries, especially those in Europe, have...Ch. 14.9 - Prob. 54ECh. 14 - Does a high value of r2 imply that two variables...Ch. 14 - In your own words, explain the difference between...Ch. 14 - What is the purpose of testing whether 1 = 0? If...Ch. 14 - The Dow Jones Industrial Average (DJIA) and the...Ch. 14 - Is the number of square feet of living space a...Ch. 14 - One of the biggest changes in higher education in...Ch. 14 - Jensen Tire Auto is in the process of deciding...Ch. 14 - In a manufacturing process the assembly line speed...Ch. 14 - A sociologist was hired by a large city hospital...Ch. 14 - The regional transit authority for a major...Ch. 14 - A marketing professor at Givens College is...Ch. 14 - The Transactional Records Access Clearinghouse at...Ch. 14 - The Toyota Camry is one of the best-selling cars...Ch. 14 - You have been assigned to analyze the risk...Ch. 14 - As part of a study on transportation safety, the...Ch. 14 - Consumer Reports tested 166 different...Ch. 14 - Finding the Best Car Value When trying to decide...Ch. 14 - Buckeye Creek Amusement Park is open from the...
Knowledge Booster
Similar questions
- Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Company Cars(1,000s) Revenue($ millions) Company A 11.5 116 Company B 10.0 133 Company C 9.0 98 Company D 5.5 37 Company E 4.2 40 Company F 3.3 32 a.Use the least squares method to develop the estimated regression equation that can be used to predict annual revenue (in $ millions) given the number of cars in service (in 1,000s). (Round your numerical values to three decimal places.) b. For every additional car placed in service, estimate how much annual revenue will change (in dollars). (Round your answer to the nearest integer.) Annual revenue will increase by $ , for every additional car placed in…arrow_forwardCompanies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Company Cars(1,000s) Revenue($ millions) Company A 11.5 118 Company B 10.0 133 Company C 9.0 98 Company D 5.5 37 Company E 4.2 40 Company F 3.3 30 (a) Develop a scatter diagram with the number of cars in service as the independent variable. A scatter diagram has 6 points plotted on it. The horizontal axis ranges from 0 to 14 and is labeled: Cars in Service (1,000s). The vertical axis ranges from 0 to 160 and is labeled: Annual Revenue ($ millions). The points are plotted from left to right in an upward, diagonal direction starting from the lower left corner of the diagram and are between 3 to 12 on…arrow_forwardCompanies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Company Cars (1,000s) Revenue ($ millions) Company A 11.5 116 Company B 10 137 Company C 9 102 Company D 5.5 39 Company E 4.2 38 Company F 3.3 30 (a) Develop a scatter diagram with the number of cars in service as the independent variable. (b) What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? (c) Use the least squares method to develop the estimated regression equation that can be used to predict annual revenue (in $ millions) given the number of cars in service (in 1,000s). (Round your numerical values to three decimal…arrow_forward
- A pharmaceutical corporation has two locations that produce the same over-the-counter medicine.arrow_forwardOn November 27, 1993, the New York Times reported that wildlife biologists have found a direct link between the increase in the human population in Florida and the decline of the local black bear population. From 1953 to 1993, the human population increased, on average, at a rate of 8% per year, while the black bear population decreased at a rate of 6% per year. In 1953 the black bear population was 11,000. The 1993 human population of Florida was 13 million. What was the human population in 1953? Find the black bear population for 1993. Had this trend continued, when would the black bear population have numbered less than 90?arrow_forwardFull time year around median salary for u.s men in 2010 was 41,300 and the full time year round salary for u.s women in 2010 was 34,000 The full time year round median salary for u.s men in 2010 was ___% of the full time year round median salary for u.s women in 2010arrow_forward
- The Sanders Garden Shop mixes two types of grass seed into a blend. Each type of grass has been rated (per pound) according to its shade tolerance, ability to stand up to traffic, and drought resistance, as shown in the table. Type A seed costs $1 and Type B seed costs $2. If the blend needs to score at least 300 points for shade tolerance, 400 points for traffic resistance, and 750 points for drought resistance, how many pounds of each seed should be in the blend? Which targets will be exceeded? How much will the blend cost? Type A Type B Shade Tolerance 1 1 Traffic Resistance 2 1 Drought Resistance 2 5arrow_forwardTwo employees (Molly and Jim) must conduct a data analysis project on the success of a firm’s marketing efforts and then write a report of their findings for consideration by the firm’s board. If the first employee, Molly, worked completely alone, she could finish the data analysis component of the project with 30 hours of work and could write the report with an additional 10 hours of work. If Jim worked alone, he would take 48 hours of work to conduct the data analysis and then 12 hours to write the report. Assume that both employees need to contribute to the project, that there would be no benefits to having two people work on the same part of the project (data analysis and writing), and that working on the two parts are independent (i.e. there is no benefit to working on both parts). Which employee has the comparative advantage in conducting the data analysis? Explainarrow_forwardIf certain plants contain phytochemicals and regulate moisture, while others do not, then there is no difference in the number of signs of herbivory instances. independent variable: dependent variable:arrow_forward
- The following table provides data on three popular protein supplements. (Figures shown correspond to a single serving.) Protein (g) Carbohydrates (g) Sodium (mg) Cost ($) DesignerWhey (Next) 18 2 80 0.50 Muscle Milk(Cytosport) 32 16 240 1.60 Pure WheyProtein Stack(Champion) 24 3 100 0.60 You are thinking of combining Designer Whey and Muscle Milk to obtain a 7-day supply that provides exactly 376 grams of protein and 104 grams of carbohydrates. How many servings of each supplement should you combine in order to meet your requirements? Designer Whey servings= Muscle Milk servings= What will it cost? $arrow_forwardHenry Lee is the Vice President of Purchasing for the consumer electronics division of the Major Electric Corporation (MEC). The company recently introduced a new type of video camcorder that has taken the market by storm. Although Henry is pleased with the strong demand for this product in the market place, it has been a challenge to keep up with MEC's distributors' orders of this camcorder. His current challenge is how to meet requests from MEC's major distributors in Pittsburgh, Denver, Baltimore, and Houston who have placed orders of 10,000, 20,000, 30,000, and 25,000 units, respectively, for delivery in 2 months (there is a 1-month manufacturing and one-month shipping lead time for this product). MEC has contracts with companies in Hong Kong, Korea, and Singapore who manufacture camcorders for the company under the MEC label. These contracts require MEC to order a specified minimum number of units each month at a guaranteed per unit cost. The contracts also specify the maximum…arrow_forwardThe following table provides data on three popular protein supplements. (Figures shown correspond to a single serving.) Protein (g) Carbohydrates (g) Sodium (mg) Cost ($) Designer Whey (Next) 18 2 80 0.50 Muscle Milk (Cytosport) 32 16 240 1.60 Pure Whey Protein Stack (Champion) 24 3 100 0.60 You have a mixture of Designer Whey and Muscle Milk that costs a total of $16 and supplies exactly 112 grams of carbohydrates. How many grams of protein does it supply?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 Hill
Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:9781133382119
Author:Swokowski
Publisher:Cengage