Introduction to Business Statistics
7th Edition
ISBN: 9781111792374
Author: WEIERS
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
In exercise 12, the following data on x = average daily hotel room rate and y = amount spent on entertainment (The Wall Street Journal, August 18, 2011) lead to the estimated regression equation ŷ = 17.49 + 1.0334x. For these data SSE = 1541.4.Click on the datafile logo to reference the data. Use Table 1 of Appendix B.
a. Predict the amount spent on entertainment for a particular city that has a daily room rate of $89 (to 2 decimals).$
b. Develop a 95% confidence interval for the mean amount spent on entertainment for all cities that have a daily room rate of $89 (to 2 decimals).$ to $
c. The average room rate in Chicago is $128. Develop a 95% prediction interval for the amount spent on entertainment in Chicago (to 2 decimals).
In exercise 12, the following data on x = average daily hotel room rate and y = amount spent on entertainment (The Wall Street Journal, August 18, 2011) lead to the estimated regression equation ŷ = 17.49 + 1.0334x. For these data SSE = 1541.4. Use Table 1 of Appendix B.Click on the datafile logo to reference the data.
a. Predict the amount spent on entertainment for a particular city that has a daily room rate of $89 (to 2 decimals).$
b. Develop a 95% confidence interval for the mean amount spent on entertainment for all cities that have a daily room rate of $89 (to 2 decimals).$ to $
c. The average room rate in Chicago is $128. Develop a 95% prediction interval for the amount spent on entertainment in Chicago (to 2 decimals).$ to $
The accompanying table lists systolic blood pressures (mm Hg) and diastolic blood pressures (mm Hg) of adult females. Find the prediction interval for a systolic blood pressure of 121mm Hg using a 99% confidence level. There is sufficient evidence to support a claim of a linear correlation, so it is reasonable to use the regression equation when making predictions.
Systolic
Diastolic
125
69
104
65
129
75
108
65
157
74
95
53
155
89
110
69
120
69
115
73
101
59
127
67
The 99% prediction interval for a systolic blood pressure of 121mm Hg is
____mm Hg<y<___mm Hg.
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
- Listed below are altitudes (thousands of feet) and outside air temperatures (°F) recorded during a flight. Find the (a) explained variation, (b) unexplained variation, and (c) indicated prediction interval. There is sufficient evidence to support a claim of a linear correlation, so it is reasonable to use the regression equation when making predictions. For the prediction interval, use a 95% confidence level with an altitude of 6327 ft (or 6.327 thousand feet). Altitude 2 8 13 23 28 31 32 Temperature 56 40 27 −1 −34 −41 −50 a. Find the explained variation. (Round to two decimal places as needed.) b. Find the unexplained variation. (Round to five decimal places as needed.) c. Find the indicated prediction interval. ______°F<y<______°Farrow_forwardWHat is the confidence interval? Consider the following data on x = rainfall volume (m3) and y = runoff volume (m3) for a particular location. x 5 12 14 18 23 30 40 46 55 67 72 83 96 112 127 y 4 10 13 14 15 25 27 45 38 46 53 71 82 99 105 Use the accompanying Minitab output to decide whether there is a useful linear relationship between rainfall and runoff. The regression equation isrunoff = -2.05 + 0.847 rainfall Predictor Coef Stdev t-ratio p Constant -2.049 2.251 -0.91 0.379 rainfall 0.84717 0.03465 24.45 0.000 s = 4.978 R-sq = 97.9% R-sq(adj) = 97.7% State the appropriate null and alternative hypotheses. H0: β1 = 0 Ha: β1 ≠ 0 H0: β1 ≠ 0 Ha: β1 = 0 H0: β1 = 0 Ha: β1 < 0 H0: β1 = 0 Ha: β1 > 0 Compute the test statistic value and find the P-value. (Round your test statistic to two decimal places and your P-value to three decimal places.) t = P-value = State the conclusion in the problem context. (Use α = 0.05.) Reject H0. There…arrow_forwardA random sample of 15 college soccer players were selected to investigate the relationship between heart rate and maximal oxygen uptake. The heart rate and maximal oxygen uptake were recorded for each player during a training session. A regression analysis of the data was conducted, where heart rate is the explanatory variable and maximal oxygen uptake is the response variable. If a 95 percent confidence interval is constructed for the slope of the population regression line, which of the following is a condition that must be checked? A)The true relationship between heart rate and maximal oxygen uptake is linear. B)The correlation between heart rate and maximal oxygen uptake is not equal to zero. C)The confidence interval is not biased. D).The point (x_,y_) falls on the regression line. The X and Y have a line on top. E)The slope is not equal to zero.arrow_forward
- A researcher developed a regression model to predict the cost of a meal based on the summated rating (sum of ratings for food, decor,and service) and the cost per meal for 12 restaurants. The results of the study show that b1=1.4379 and Sb1=0.1397. a. At the 0.05 level of significance, is there evidence of a linear relationship between the summated rating of a restaurant and the cost of a meal? b. Construct a 95% confidence interval estimate of the population slope, β1. a. Determine the hypotheses for the test. Choose the correct answer below. A. H0: β1=0 H1: β1≠0 B. H0: β0≤0 H1: β0>0 C. H0: β1≤0 H1: β1>0 D. H0: β0≥0 H1: β0<0 E. H0: β1≥0 H1: β1<0 F. H0: β0=0 H1: β0≠0 Compute the test statistic. The test statistic is ? (Round to two decimal places as needed.) Determine the critical value(s). The critical value(s) is(are) ? (Use a comma to separate answers as needed.…arrow_forwardIn order to answer the question, "If total rainfall turns out to be 12.7 inches next growing season, how many bushels of corn per acre can I expect to harvest?", what kind of statistical analysis would you perform? a. test of hypothesis b. calculate a confidence interval c. perform a linear regression d. calculate a correlation coefficientarrow_forwardThe accompanying table lists systolic blood pressures (mm Hg) and diastolic blood pressures (mm Hg) of adult females. Find the (a) explained variation, (b) unexplained variation, and (c) prediction interval for a systolic blood pressure of 118 mm Hg using a 99% confidence level. There is sufficient evidence to support a claim of a linear correlation, so it is reasonable to use the regression equation when making predictions. Systolic Diastolic 127 69 103 65 130 73 104 64 157 74 97 51 155 90 111 69 124 68 112 75 103 60 128 67arrow_forward
- on the basis of the value of linear correlation coefficient, would you conclude, at the /r/>0.9 level, that the data can be reasonably modeled linear equation?arrow_forwardThe following data are the monthly salaries and the grade point averages for students who obtained a bachelor's degree in business administration. GPA Monthly Salary ($) 2.6 3,600 3.4 3,900 3.6 4,300 3.2 3,800 3.5 4,200 2.9 3,900 The estimated regression equation for these data is and . Use Table 1 of Appendix B. a. Develop a point estimate of the starting salary for a student with a GPA of (to 1 decimal). b. Develop a confidence interval for the mean starting salary for all students with a GPA (to 2 decimals). ( , ) c. Develop a prediction interval for Ryan Dailey, a student with a GPA of (to 2 decimals). ( , ) d. Discuss the differences in your answers to parts (b) and (c).arrow_forwardGiven below are seven observations collected in a regression study on two variables, x (independent variable) and y (dependent variable). Copy and paste the numbers in an Excel worksheet and then use Excel's Regression tool to conduct a simple linear regression analysis. Choose 95% confidence level. Answer the following questions: x y 2 12 3 9 6 8 7 7 8 6 7 5 9 2 t statistics is statistically significant at 5% level. Answer Yes or No. Yes No What is the lower bound of the 95% confidence interval for the independent variable x (Keep 2 decimal places) What is the upper bound of the 95% confidence interval for the independent variable x (Keep 2 decimal places)arrow_forward
- A teacher conducted a regression analysis to investigate the relationship between student height and femur length. Computer output from the linear regression analysis is shown in the table. The analysis was performed on a sample of 24 students. Term CoefCoef SE CoefSE Coef Constant 28.34 0.945 Femur length 1.73 0.023 Assume that the conditions for inference for the slope of the regression equation have been met. Which of the following defines the margin of error for a 99.5 percent confidence interval for the slope of the least-squares regression equation? A)3.104 (0.023) B)3.104 (1.73) C)3.119 (0.023) D)3.119(0.945) E)3.119(1.73)arrow_forwardA newspaper used an estimated regression equation to describe the relationship between y = error percentage for subjects reading a four-digit liquid crystal display and the independent variables x1 = level of backlight, x2 = character subtense, x3 = viewing angle, and x4 = level of ambient light. From a table given in the article, SSRegr = 21.6, SSResid = 22, and n = 30. What is the value of the test statistic F What is the P-value What is r2 What is Searrow_forwardIn a simple linear regression model with one predictor variable, what is the coefficient of determination (R-squared) if the Pearson's correlation coefficient between the predictor and response variable is 0.6?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 Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
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