Basic Business Statistics, Student Value Edition
14th Edition
ISBN: 9780134685113
Author: Mark L. Berenson, David M. Levine, David F. Stephan, Kathryn Szabat
Publisher: PEARSON
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Textbook Question
Chapter 15, Problem 41PS
In problem 15.32-15.36 you developed multiple regression models to predict the fair market value of houses in Glen Cove, Roslyn, and Freeport. Now write a report based on the models you developed. Append all appropriate charts and statistical information to your report.
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Problem 2
The following printout shows the results of a simple linear regression model that predicts monthly sales (in thousands of dollars) based on how much money was spent on advertising (in thousands of dollars) during a particular month for 15 stores of a retail chain.
a) Is there a statistically significant relationship between money spent on advertising and sales? Test at the 5% level of significance and explain your approach (including hypotheses).
b) Somebody claims that every additional $1,000 in advertising will increase sales by more than $2,000 in the population. Can you find support for this claim given the results of your analysis? Test at the 5% level of significance and explain your approach (including hypotheses). How is this test different from the one in part a)?
c) Find a 95% confidence interval for the change in sales given a $1,000 increase in the amount of money spent on advertising. How does this confidence interval relate to your answer to part a)?
What do you think would be your reservations in relaying on the linear regression model for budgetary planning purposes?
The operations manager of a musical instrument distributor feels that the demand for Bass Drums may be related to the number of
television appearances by the popular rick group Green Shades during the previous month. The manager has collected the data shown
in the following table.
Demand for Bass Drums
3 6 7 5 10 8
Green Shades TV appearances
3 4 7 6 8 5
Develop the linear regression equation to forecast.
Forecast demand for Bass Drums when Green Shades’ TV appearances are 10.
Compute MSE and standard deviation for Problem 8.
Chapter 15 Solutions
Basic Business Statistics, Student Value Edition
Ch. 15 - The following is the quadratic regression equation...Ch. 15 - Business actively recruit business student with...Ch. 15 - A study was conducted on automobile engines to...Ch. 15 - Prob. 4PSCh. 15 - In the production of printed circuit boards,...Ch. 15 - An automotive sales manager wishes to examine the...Ch. 15 - Researchers wanted to investigate the relationship...Ch. 15 - Prob. 8PSCh. 15 - Prob. 9PSCh. 15 - Prob. 10PS
Ch. 15 - Using the data of Problem 15.4 on page 600, stored...Ch. 15 - Using the data of Problem 15.6 on page 601, stored...Ch. 15 - Using the data of Problem 15.6 on page 601 stored...Ch. 15 - If the coefficient of determination between two...Ch. 15 - If the coefficient of determination between two...Ch. 15 - Prob. 16PSCh. 15 - Refer to Problem 14.5 on page 542. Perform a...Ch. 15 - Refer to Problem 14.6 on page 542. Perform a...Ch. 15 - Refer to Problem 14.7 on page 542. Perform a...Ch. 15 - Refer to Problem 14.8 on page 542. Perform a...Ch. 15 - Prob. 21PSCh. 15 - Prob. 22PSCh. 15 - Prob. 23PSCh. 15 - You need to develop a model to predict the asking...Ch. 15 - Accounting Today identified top public accounting...Ch. 15 - How can you evaluate whether collinearity exists...Ch. 15 - Prob. 27PSCh. 15 - Prob. 28PSCh. 15 - A Specialist in baseball analytics has expanded...Ch. 15 - In the production of printed circuit boards,...Ch. 15 - Hemlock Farms is a community located in the Pocono...Ch. 15 - Prob. 32PSCh. 15 - Prob. 33PSCh. 15 - Prob. 34PSCh. 15 - You are a real estate broker who wants to compare...Ch. 15 - You are a real estate broker who wants to compare...Ch. 15 - Financial analysts engage in business valuation to...Ch. 15 - Prob. 38PSCh. 15 - A molding machine that contains different cavities...Ch. 15 - The file Cites contains a sample of 25 cities in...Ch. 15 - In problem 15.32-15.36 you developed multiple...
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- What can you say about SSE, SSR, and the utility of the regression equation for making predictions if a. r 2 = 1? b. r 2 = 0?arrow_forwardSuppose that you perform a hypothesis test for the slope of the population regression line with the null hypothesis H0: ß1 = 0 and the alternative hypothesis Ha: ß1 ? 0. If you reject the null hypothesis, what can you say about the utility of the regression equation for making predictions?arrow_forward2.1 Sales personnel want to further develop the model to include other variables. Merchandise Sales ($10,000s) Tickets Sold (1000s) Win or Loss (W or L) Event includes fan giveaway (Y or N) 15 54 W N 17 67 L Y 10 53 L Y 9 49 W Y 16 59 W N 14 58 L Y 12 56 W N 19 63 W Y 18 65 L Y 17 61 L Y Should you keep either or both of the variables in the model and why? What is the regression equation (only include variables that should be in the model)? What is the merchandise sales forecast for 58,000 tickets sold at a winning event that does not include a fan giveaway?arrow_forward
- Problem 2-28A Estimating fixed and variable cost using the regression method Dean and Powell Tax Services Company has 31 branch offices in the nation. Each office has about three to six professional accountants and one to two secretaries. In a busy season, the office manager, who is also a professional accountant, can hire temporary employees for support work such as document filing and typing. Norman Dean, the president, is wondering whether he should expand his business by opening more offices. One of the factors that he is considering is how to estimate office support costs. Andrea Jones, the accountant, collected the following cost data for all 31 offices. Branch Professional Hours Support Costs Branch Professional Hours Support Costs A1 225 $4,241 F2 165 $3,856 A2 113 3,435 G1 358 5,936 A3 387 6,398 G2 471 8,615 A4 412 6,502 G3 492 9,639 B1 258 4,140 G4 328 5,968 B2 146 3,368 G5 359 7,115 B3 275 3,820 G6 174 3,287 D1…arrow_forwardA)What would the consequence be for a regression model if the errors were not homoscedastic? (B) How might you proceed if you found that (b) were actually the case?arrow_forwardIf the equation of the regression line that relates hours per week spent in the tutor lab, x, to GPA, y, is y=2.1+0.28, then the best presdiction for the GPA of students who never go into the lab would be 2.1 True Or Falsearrow_forward
- When you are deciding which variables to include as predictors in a multiple regression equation, what are some conditions that you must consider first?arrow_forwardIf other factors are held constant, if the Pearson correlation between X and Y is r = 0.50, then the regression equation will produce more accurate predictions than would be obtained if r = 0.70. True or false?arrow_forwardQuestion 3. Calculate and interpret the regression line for the data.arrow_forward
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