Introduction To Statistics And Data Analysis
6th Edition
ISBN: 9781337793612
Author: PECK, Roxy.
Publisher: Cengage Learning,
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Textbook Question
Chapter 5.2, Problem 30E
The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared in the paper “Using Multiple
- a. Calculate and interpret the value of the
correlation coefficient between sale price and size. - b. Calculate and interpret the value of the correlation coefficient between sale price and land-to-building ratio.
- c. If you wanted to predict sale price and you could use either size or land-to-building ratio as the basis for making predictions, which would you use? Explain.
- d. Based on your choice in Part (c), find the equation of the least-squares line you would use for predicting y = sale price.
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The 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, Y=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 appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant.
Price in dollars
109
113
155
167
170
Number of Bids
10
11
12
13
17
Summation Table
X
Y
XY
X2
Y2
BID 1
109
10
1090
11881
100
BID 2
113
11
1243
12769
121
BID 3
155
12
1860
24025
144
BID 4
167
13
2171
27889
169
BID 5
170
17
2890
28900
289
SUM
714
63
9254
105464
823
Step 1: Find the estimated slope.
Step 2: Find the estimated y-intercept.
Step 3: Find the estimate value of y when x=113.
Step 4: Determine if the statement "All points predicted by the linear model fall on the same line" is true or…
The 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, Y=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 appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant.
Price in dollars
31
38
42
44
46
Number of Bids
3
4
6
7
9
Summation Table
X
Y
XY
X2
Y2
BID 1
31
3
93
961
9
BID 2
38
4
152
1444
16
BID 3
42
6
252
1764
36
BID 4
44
7
308
1936
49
BID 5
46
9
414
2116
81
SUM
201
29
1219
8221
191
Step 1: Find the estimated slope.
Step 2: Find the estimated y-intercept.
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Listed below are paired data consisting of waist size in centimeters and Body Mass Index BMI from a random sample of 20 adult men selected from the population. At the a = 0.05 significance level, test the claim that there is positive linear correlation between waist size and Body Mass Indices in adult men, by answering questions a. thru e. below.
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WAIST
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120.4
33.3
107.8
28.0
120.3
45.4
97.2
28.4
95.1
25.9
112.0
31.1
78.0
20.1
103.5
32.7
89.7
25.8
112.0
36.5
95.0
25.8
115.3
34.5
118.8
37.4
92.6
26.1
75.5
19.3
101.8
29.9
92.5
27.4
100.8
31.4
82.8
21.0
92.9
28.5
a.
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b.
What is the P-Value…
Chapter 5 Solutions
Introduction To Statistics And Data Analysis
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