Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
6th Edition
ISBN: 9781337115186
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Textbook Question
Chapter 14.7, Problem 40E
The commercial division of a real estate firm conducted a study to determine the extent of the relationship between annual gross rents ($1000s) and the selling price ($1000s) for apartment buildings. Data were collected on several properties sold, and Excel’s Regression tool was used to develop an estimated regression equation. A portion of the regression output follows.
- a. How many apartment buildings were in the sample?
- b. Write the estimated regression equation.
- c. Use the t test to determine whether the selling price is related to annual gross rents. Use α = .05.
- d. Use the F test to determine whether the selling price is related to annual gross rents. Use α = .05.
- e. Predict the selling price of an apartment building with gross annual rents of $50,000.
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Students have asked these similar questions
A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures.
ŷ = 25 + 10x1 + 8x2
where
x1
=
inventory investment ($1,000s)
x2
=
advertising expenditures ($1,000s)
y
=
sales ($1,000s).
(a)
Predict the sales (in dollars) resulting from a $15,000 investment in inventory and an advertising budget of $11,000.
$ -----------------
(b)
Interpret
b1 and b2 in this estimated regression equation.
Sales can be expected to increase by $ ---------------for every dollar increase in inventory investment when advertising expenditure is held constant.
Sales can be expected to increase by $-----------------for every dollar increase in advertising expenditure when inventory investment is held constant.
The manager of a car dealership wants to predict the relationship between number of sales persons and the number of cars sold. He collects some data to develop a regression model, which is given below
Week
Number of cars sold
Number of salespersons
1
80
6
2
90
8
3
48
4
4
55
5
5
60
7
6
75
9
7
100
11
8
70
6
9
65
7
10
98
10
(i) Run a regression analysis which explains the number of cars sold in terms of number of salespersons, and estimate the regression line
(ii) Interpret the regression coefficient, and determine the significance of the regression coefficient
(iii) Interpret the overall model fit…
A social science professor wants to determine if the amount of time that a student, who is in a relationship, spends with his or her partner is related to that same student’s academic performance. A random sample of students who are in a relationship has been taken, and the table below shows the amount of time (in hours) spent by each sample on his or her partner in a week, as well as the average grade (with 75.00 as the passing mark).
a. Find the regression equation and construct the scatter plot diagram.b. Predict the grade of a student who spends 118.72 hours per week on his or her partner.c. Calculate the total variation.d. Compute the standard deviation of the estimate.
Chapter 14 Solutions
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
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 - The National Football League (NFL) records a...Ch. 14.2 - Sales Experience and Performance. A sales manager...Ch. 14.2 - Broker Satisfaction. The American Association of...Ch. 14.2 - Companies in the U.S. car rental market vary...Ch. 14.2 - Age and the Price of Wine. For a particular red...
Ch. 14.2 - Laptop Ratings. To help consumers in purchasing a...Ch. 14.2 - Stock Beta. In June of 2016, Yahoo Finance...Ch. 14.2 - Distance and Absenteeism. A large city hospital...Ch. 14.2 - Using a global-positioning-system (GPS)-based...Ch. 14.3 - 15. The data from exercise 1...Ch. 14.3 - The data from exercise 2 follow.
The estimated...Ch. 14.3 - Prob. 17ECh. 14.3 - Price and Quality of Headphones. The following...Ch. 14.3 - Sales Experience and Sales Performance. In...Ch. 14.3 - Price and Weight of Bicycles. Bicycling, the...Ch. 14.3 - Cost Estimation. An important application of...Ch. 14.3 - 22. Refer to exercise 9, where the following data...Ch. 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 - Prob. 26ECh. 14.5 - To identify high-paying jobs for people who do not...Ch. 14.5 - Broker Satisfaction Conclusion. In exercise 8,...Ch. 14.5 - Cost Estimation Conclusion. Refer to exercise 21,...Ch. 14.5 - Significance of Fleet Size on Rental Car Revenue....Ch. 14.5 - Significance of Racing Bike Weight on Price. In...Ch. 14.6 - 32. The data from exercise 1...Ch. 14.6 - 33. The data from exercise 2...Ch. 14.6 - Prob. 34ECh. 14.6 - 35. The following data are the monthly salaries y...Ch. 14.6 - 36. In exercise 7, the data on y = annual sales ($...Ch. 14.6 - In exercise 5, the following data on x = the...Ch. 14.6 - Prob. 38ECh. 14.6 - 39. In exercise 12, the following data on x =...Ch. 14.7 - The commercial division of a real estate firm...Ch. 14.7 - Following is a portion of the regression output...Ch. 14.7 - Prob. 43ECh. 14.7 - Auto Racing Helmet. Automobile racing,...Ch. 14.8 - Prob. 45ECh. 14.8 - Prob. 46ECh. 14.8 - Prob. 47ECh. 14.8 - Prob. 48ECh. 14.8 - Prob. 49ECh. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Prob. 51ECh. 14.9 - Predicting Charity Expenses. Charity Navigator is...Ch. 14.9 - Many countries, especially those in Europe, have...Ch. 14.9 - Valuation of a Major League Baseball Team. The...Ch. 14 - The Dow Jones Industrial Average (DJIA) and the...Ch. 14 - Home Sire and Price. Is the number of square feet...Ch. 14 - Online Education. One of the biggest changes in...Ch. 14 - Machine Maintenance. Jensen Tire & Auto is in the...Ch. 14 - Bus Maintenance. The regional transit authority...Ch. 14 - Studying and Grades. A marketing professor at...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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