Essentials of Statistics for Business and Economics (with XLSTAT Printed Access Card)
8th Edition
ISBN: 9781337114172
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Chapter 14.3, Problem 16E
a.
To determine
Calculate SSE, SST, and SSR.
b.
To determine
Find the coefficient of determination.
Comment on the goodness of fit.
c.
To determine
Compute the sample
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The table below gives the number of hours five randomly selected students spent studying and their corresponding midterm exam grades. Using this data, consider the equation of the regression line. ^y=b0+b1x for predicting the midterm exam grade that a student will earn based on the number of hours spent studying. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant.
Hours Studying
2
3
4
5
6
Midterm Grades
60
81
86
98
100
Find the error prediction when x= 5. Round your answer to three decimal places.
* What we know:
Estimated slope b1=9.700Estimated intercept b0=46.200
The table below gives the number of absences and the overall grade in the class for seven randomly selected students. Based on this data, consider the equation of the regression line, yˆ=b0+b1x�^=�0+�1�, for using the number of absences to predict a student's overall grade in the class. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant.
Number of Absences Grade1 3.72 3.33 3.14 2.96 2.47 2.28 1.9
The table below gives the number of hours seven randomly selected students spent studying and their corresponding midterm exam grades. Using this data, consider the equation of the regression line, yˆ=b0+b1x�^=�0+�1�, for predicting the midterm exam grade that a student will earn based on the number of hours spent studying. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant.
Hours Studying
1
2
3
3.5
4
4.5
5
Midterm Grades
60
66
73
76
78
84
90
Table
Copy Data
Step 1 of 6:
Find the estimated slope. Round your answer to three decimal places.
Chapter 14 Solutions
Essentials of Statistics for Business and Economics (with XLSTAT Printed Access Card)
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 - Retail and Trade: Female Managers. The following...Ch. 14.2 - Production Line Speed and Quality Control. Brawdy...Ch. 14.2 - Prob. 6ECh. 14.2 - Sales Experience and Performance. A sales manager...Ch. 14.2 - Broker Satisfaction. The American Association of...Ch. 14.2 - Estimating Landscaping Expenditures. David’s...Ch. 14.2 - Prob. 10E
Ch. 14.2 - Laptop Ratings. To help consumers in purchasing a...Ch. 14.2 - Prob. 12ECh. 14.2 - Auditing Itemized Tax Deductions. To the Internal...Ch. 14.2 - Distance and Absenteeism. A large city hospital...Ch. 14.3 - 15. The data from exercise 1...Ch. 14.3 - Prob. 16ECh. 14.3 - The data from exercise 3 follow.
The estimated...Ch. 14.3 - Price and Quality of Headphones. The following...Ch. 14.3 - Prob. 19ECh. 14.3 - Price and Weight of Bicycles. Bicycling, the...Ch. 14.3 - Cost Estimation. An important application of...Ch. 14.3 - Prob. 22ECh. 14.5 - The data from exercise 1 follow.
Compute the mean...Ch. 14.5 - The data from exercise 2 follow.
Compute the mean...Ch. 14.5 - The data from exercise 3 follow.
What is the...Ch. 14.5 - Headphones Conclusion. In exercise 18, the data on...Ch. 14.5 - Prob. 27ECh. 14.5 - Broker Satisfaction Conclusion. In exercise 8,...Ch. 14.5 - Cost Estimation Conclusion. Refer to exercise 21,...Ch. 14.5 - Prob. 30ECh. 14.5 - Significance of Racing Bike Weight on Price. In...Ch. 14.6 - The data from exercise 1 follow. xi 1 2 3 4 5 yi 3...Ch. 14.6 - Prob. 33ECh. 14.6 - 34. The data from exercise 3...Ch. 14.6 - Prob. 35ECh. 14.6 - 36. In exercise 7, the data on y = annual sales ($...Ch. 14.6 - In exercise 13, data were given on the adjusted...Ch. 14.6 - Prob. 38ECh. 14.6 - Prob. 39ECh. 14.7 - Apartment Selling Price. The commercial division...Ch. 14.7 - Computer Maintenance. Following is a portion of...Ch. 14.7 - Annual Sales and Salesforce. A regression model...Ch. 14.7 - Prob. 43ECh. 14.7 - Auto Racing Helmet. Automobile racing,...Ch. 14.8 - Given are data for two variables, x and y. a....Ch. 14.8 - Prob. 46ECh. 14.8 - Restaurant Advertising and Revenue. Data on...Ch. 14.8 - Experience and Sales. Refer to exercise 7, where...Ch. 14.8 - Prob. 49ECh. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Predicting Charity Expenses. Charity Navigator is...Ch. 14.9 - Prob. 53ECh. 14.9 - Valuation of a Major League Baseball Team. The...Ch. 14 - 55. Does a high value of r2 imply that two...Ch. 14 - Prob. 56SECh. 14 - What is the purpose of testing whether 1 = 0? If...Ch. 14 - The Dow Jones Industrial Average (DJIA) and the...Ch. 14 - Prob. 59SECh. 14 - Prob. 60SECh. 14 - Machine Maintenance. Jensen Tire & Auto is in the...Ch. 14 - Production Rate and Quality Control. In a...Ch. 14 - Absenteeism and Location. A sociologist was hired...Ch. 14 - Bus Maintenance. The regional transit authority...Ch. 14 - Studying and Grades. A marketing professor at...Ch. 14 - Income and Percent Audited. The Transactional...Ch. 14 - Used Car Mileage and Price. The Toyota Camry is...Ch. 14 - One measure of the risk or volatility of an...Ch. 14 - As part of a study on transportation safety, the...Ch. 14 - Consumer Reports tested 166 different...Ch. 14 - When trying to decide what car to buy, real value...Ch. 14 - Buckeye Creek Amusement Park is open from the...
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- The table below gives the number of hours seven randomly selected students spent studying and their corresponding midterm exam grades. Using this data, consider the equation of the regression line, yˆ=b0+b1x�^=�0+�1�, for predicting the midterm exam grade that a student will earn based on the number of hours spent studying. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Hours Studying 11 1.51.5 2.52.5 33 44 4.54.5 55 Midterm Grades 6666 6969 7575 7979 9090 9595 9898 Find the estimated slope. Round your answer to three decimal places. Find the estimated y-intercept. Round your answer to three decimal places. Determine if the statement "Not all points predicted by the linear model fall on the same line" is true or false.…arrow_forwardThe table below gives the number of hours seven randomly selected students spent studying and their corresponding midterm exam grades. Using this data, consider the equation of the regression line, yˆ=b0+b1x�^=�0+�1�, for predicting the midterm exam grade that a student will earn based on the number of hours spent studying. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Hours Studying 1 2 3 3.5 4 4.5 5 Midterm Grades 60 66 73 76 78 84 90 Step 2 of 6: Find the estimated y-intercept. Round your answer to three decimal places. Step 3 of 6: Find the estimated value of y when x=2�=2. Round your answer to three decimal places. Step 4 of 6: Substitute the values you found in steps 1 and 2 into the equation for the regression line to find the estimated…arrow_forwardThe table below gives the number of hours ten randomly selected students spent studying and their corresponding midterm exam grades. Using this data, consider the equation of the regression line, yˆ=b0+b1x, for predicting the midterm exam grade that a student will earn based on the number of hours spent studying. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Hours Studying 0 0.5 1.5 2 2.5 3 4.5 5 5.5 6 Midterms Grades 60 63 64 69 73 76 82 90 91 95 Step 1 of 6: Find the estimated slope. Round your answer to three decimal places. Step 2 of 6: Find the estimated y-intercept. Round your answer to three decimal places. Step 3 of 6: Determine if the statement "All points predicted by the linear model fall on the same line" is true or false Step 4 of 6:…arrow_forward
- The table below gives the number of hours ten randomly selected students spent studying and their corresponding midterm exam grades. Using this data, consider the equation of the regression line, y^=b0+b1x, for predicting the midterm exam grade that a student will earn based on the number of hours spent studying. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Hours Studying 0 1 2 2.5 3 3.5 4 4.5 5.5 6 Midterm Grades 61 64 65 66 71 79 84 88 94 98 Summation Table x y xy x2 y2 Student 1 0.0 61 0.0 0.00 3721 Student 2 1.0 64 64.0 1.00 4096 Student 3 2.0 65 130.0 4.00 4225 Student 4 2.5 66 165.0 6.25 4356 Student 5 3.0 71 213.0 9.00 5041 Student 6 3.5 79 276.5 12.25 6241 Student 7 4.0 84 336.0 16.00 7056 Student 8 4.5 88 396.0 20.25 7744…arrow_forwardThe table below gives the list price and the number of bids received for five randomly selected items sold through online auctions. Using this data, consider the equation of the regression line, yˆ=b0+b1x for predicting the number of bids an item will receive based on the list price. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Price in Dollars 3434 4040 4141 4444 4848 Number of Bids 11 22 33 44 55 Table Step 4 of 6: Determine the value of the dependent variable yˆ at x=0. a.) b0 b). b1 c). x d). yarrow_forwardThe table below gives the number of hours five randomly selected students spent studying and their corresponding midterm exam grades. Using this data, consider the equation of the regression line, y^=b0+b1x, for predicting the midterm exam grade that a student will earn based on the number of hours spent studying. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Hours Studying 1 2 4 5 6 Midterm Grades 67 68 70 79 87 Summation Table x y xy x2 y2 Student 1 1 67 67 1 4489 Student 2 2 68 136 4 4624 Student 3 4 70 280 16 4900 Student 4 5 79 395 25 6241 Student 5 6 87 522 36 7569 Sum 18 371 1400 82 27823 Step 1 of 6: Find the estimated slope. Round your answer to three decimal places. Step 2 of 6: Find the estimated y-intercept. Round your…arrow_forward
- After performing a statistical regression on a set of data the value of the correlation coefficient r was -0.2041. What does that imply about the data?arrow_forwardThe table below gives the number of hours seven randomly selected students spent studying and their corresponding midterm exam grades. Using this data, consider the equation of the regression line, yˆ=b0+b1x, for predicting the midterm exam grade that a student will earn based on the number of hours spent studying. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Hours Studying 0.5 1 1.5 2 3 3.5 4.5 Midterm Grades 63 66 68 72 74 93 94 Table Step 4 of 6 : Determine if the statement "Not all points predicted by the linear model fall on the same line" is true or false.arrow_forwardThe table below gives the number of hours seven randomly selected students spent studying and their corresponding midterm exam grades. Using this data, consider the equation of the regression line, yˆ=b0+b1x, for predicting the midterm exam grade that a student will earn based on the number of hours spent studying. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Hours Studying 1 1.5 2 2.5 3 3.5 4.5 Midterm Grades 61 62 75 77 79 83 88 Table Step 6 of 6 : Find the value of the coefficient of determination. Round your answer to three decimal places.arrow_forward
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