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- Jim and Larry run a soup stand. The data below represents the sales of soup that they had on 8 randomly selected days, along with the high temperature on that day. a) Create a scatter diagram for this data set and comment on whether there is a positive or negative relationship between these variables.b) Calculate the correlation coefficient between temperature and sales.c) Does a linear relationship exist between these variables? Explain to me why or why not this is the case.d) Using excel, calculate the least squares regression equation for this data set. e) Using your equation, predict the soup sales on a day where the temperature is 29 degrees.f) Interpret the slope of this equation.g) Can we use this data set and regression equation to predict the sales on a day when the average temperature is 102 degrees? Why or why not?h) What is the R-squared for this equation? How do you interpret that R-squared?An economist wants to determine whether there is a linear relationship between a country's gross domestic product (GDP) and carbon dioxide emissions. The data are shown in the table below. c. Compute and interpret the correlation coefficient. d. Compute and interpret the coefficient of determination. e. Test for the significance of the linear relationship. Use a 0.05 level of significance. State your conclusion. Hint: Your conclusion is either of the following. • There is a significant linear relationship between a country's gross domestic product (GDP) and carbon dioxide emissions. • There is no significant linear relationship between a country's gross domestic product (GDP) and carbon dioxide emissions. GDP 1.6 3.6 4.9 1.1 0.9 2.9 2.7 2.3 1.6 1.5 (trillion dollars) Carbon Dioxide Emissions 428.2 828.8 1214.2 444.6 264 415.3 571.8 454.9 358.7 573.5 (millions of metric tons)The table below shows the number of state-registered automatic weapons and the murder rate for several Northwestern states. X Y 11.4 8.4 6.6 13.7 11 9.3 X = thousands of automatic weapons y = murders per 100,000 residents 3.7 7.5 This data can be modeled by the equation y = Answer = 2.4 2.6 2.4 0.4 6.3 5.9 6.2 4.1 to answer the following; Special Note: I suggest you verify this equation by performing linear regression on your calculator. Answer = 0.84x +4.01. Use this equation A) How many murders per 100,000 residents can be expected in a state with 6.2 thousand automatic weapons? Round to 3 decimal places. B) How many murders per 100,000 residents can be expected in a state with 6.9 thousand automatic weapons? Round to 3 decimal places.
- 3. Correlation and linear regressionThis is only one questionThe following time series shows the sales of supermarket chain over the last six months. Month Sales ($ 000) August 2021 250 Sep 2021 280 Oct 2021 295 Nov 2021 320 Dec 2021 380 Jan 2022 360 Develop a linear trend equation that can be used to forecast sales in Feb 2022. Forecast the sales in Feb 2021 using a three-period weighted moving average designed with the following weights: Nov 2021 weight 0.6, Dec 2021 weight 0.3 and Jan 2022 weight 0.1. Which method (A or B) is the best? Explain why.
- We will rank the y-values of the following data set: x y -1 0.6 -0.5 -5.2 1.7 6 2.6 7.2 3.2 11.6 5.1 15.3 6.7 7.7 8.8 17.1 9.4 22.4 10.1 13.8 Fill in the following table: x y x-rank y-rank -1 0.6 1 -0.5 -5.2 2 1.7 6 3 2.6 7.2 4 3.2 11.6 5 5.1 15.3 6 6.7 7.7 7 8.8 17.1 8 9.4 22.4 9 10.1 13.8 10Which set of data would probably show a strong positive linear correlation? a) the number of defective light bulbs produced and the time of the day when they were manufactured b) marks on a history test and the heights of the students c) the colour of cars sold and the annual income of the car buyers d) the height of corn in a field and the amount of precipitation during the growing seasonLook at the graph. Create a trend line using the line tool. Answer the questions using the graph to determine the slope and to make predictions. Determine the Slope of your trend Iline: Number of Cups Used at the Concession Stand 280 260 240 220 Using the scatterplot and trend line, what is the best prediction for the number of cups used for Week 4? Week 10? 200 180 160 140 120 100 80 60 40 20 1 2 34 5 678 9 10 Time- Weeks tormine the slope and Number of Cups
- a. Obtain the linear trend equation for the following data on new checking accounts at Fair Savings Bank and use it to predict expected new checking accounts for periods 16 through 19. (Round your intermediate calculations and final answers to 2 deci places.) Period New Accounts Period, New Accounts Period New Accounts 1 2 3 4 Y Y16 Y17 Y18 Y19 200 214 211 220 235 6 7 8 9 10 237 248 250 258 267 11 12 13 14 15 281 275 287 288 316The following table shows the values of the age and the job satisfaction of ice cream shop employees Employee Age Job Satisfaction16 918 920 722 824 426 528 626 524 722 8 d. Sketch a scatterplot of this data by hand (do NOT use/submit any plots created by a program).e. Does there appear to be a linear relationship between the two variables? f. Calculate the slope for this data.Question 1 United Bank is studying the number of times the ATM, located in a shopping mall is used per day. Following are the number of times the machine was used over each of the last 30 days. 91 58 30 54 73 85 95 49 92 63 58 71 82 90 92 45 48 57 86 66 38 52 55 85 96 88 62 78 58 87 i. Find and interpret the measures of central tendency for the data given. ii. Construct box plot for the data given. iii. Find and interpret the approximate value of the 82nd percentile. iv. Find and interpret the percentile rank of 58.