Explain what's wrong with the following statement: The parameters of the simple linear regression model are b0, b1, and s.
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Explain what's wrong with the following statement:
The parameters of the simple linear regression model are b0, b1, and s.
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- Amelia plays basketball for her high school. She wants to improve to play at the college level. She notices that the number of points she scores in a game goes up in response to the number of hours she practices her jump shot each week. She records the following data: x (hrs practicing) y (points scored) 5 15 7 22 9 28 10 31 11 33 12 36 a) Identify the correct linear regression model: b) If Amelia practiced 8 hours, how many points do you predict her to score?The residual plot for a linear regression model is shown below. Assess the fit of the linear model, and justify your answer. The line is a good fit because the points on the residual plot have a clear pattern. The line is a good fit because the points on the residual plot do not have any noticeable pattern. The line is not a good fit because the points on the residual plot do not have any noticeable pattern. The line is not a good fit because the points on the residual plot have a clear pattern.A supermarket has a chain of 12 stores in Kuwait. Sales figures and profits for the stores are given in the following table. Obtain a regression equation for the data, and predict profit for a store assuming sales of $20 million. Show all calculations in detail. Sales, x (in millions of dollars) Profits, y (in millions of dollars) 7 0.12 2 0.1 6 0.13 12 0.15 14 0.25 16 0.2 10 0.24 12 0.2 14 0.27 20 0.15 7 0.34 8 0.17
- Training Dept. of Nimrod Inc wants to develop a regression-based compensation model (compensation in $ per year, Comp) for its mid-level managers to encourage performance, loyalty, and continuing education based on three variables. ▪ Business unit-profitability (Profit per year in $). ▪ Working experiences in Nimrod Inc (Years). ▪ Whether or not a manager has a graduate degree (Grads). If a manager has a graduate degree equals 1, 0 otherwise. Table Attached Question: Use the (full) model to determine the compensation for a manager who has been working for twelve years in a company, no graduate degree, and Nimrod Inc profit of $8.000.000 last year.A new footwear manufacturer is trying to compete with the major brands by investing heavily in Research and Development (R&D). Their goal is to produce a premium lifestyle sneaker that is more comfortable, longer lasting and more stylish than any of their competitors. Below are some data on dollars spent on R&D and new customers acquired for the last 5 quarters. Regression Equation: Y= 0.5 + 1.35X New Customers R&D Dollars Acquired (in millions) (in thousands) 8 12 12 15 13 18 14 20 18 25 Based on looking at the numbers and/or sketching a scatter-plot, what conclusion can we draw about the data? The variables are negatively correlated You cannot tell until we perform some calculations There does not appear to be a strong correlation between the variables The variables are positively correlatedThe value of a sports franchise is directly related to the amount of revenue that a franchise can generate. The following data represents the value in 2014 (in $millions) and the annual revenue (in $millions) for the 30 Major League Baseball franchises. Suppose you want to develop a simple linear regression model to predict franchise value based on annual revenue generated. Team Revenue Value Baltimore 245 1000 Boston 370 2100 Chicago White Sox 227 975 Cleveland 207 825 Detroit 254 1125 Houston 175 800 Kansas City 231 700 Los Angeles Angels 304 1300 Minnesota 223 895 New York Yankees 508 3200 Oakland 202 725 Seattle 250 1100 Tampa Bay 188 625 Texas 266 1220 Toronto 226 870 Arizona 211 840 Atlanta 267 1150 Chicago Cubs 302 1800 Cincinnati 227 885 Colorado…
- At a large state university, the Statistics department is interested in tracking the progress of its students from entry until graduation. In this example: X represents a student’s final numeric grade (out of 100) in an introductory statistics course Y represents a student’s final numeric grade (out of 100) in an upper-level statistics course The least-squares regression equation for this relationship is: Y = 5.20 + 0.93X What is the slope of the regression line? Provide a numeric value as shown in the equation.Use the following information to answer the question. The following linear regression model can be used to predict ticket sales at a popular water park. Ticket sales per hour = -631.25 + 11.25(current temperature in °F) What is the predicted number of tickets sold per hour if the temperature is 86°F? Round to the nearest whole ticket. O About 336 tickets O About 252 tickets O About 276 tickets About 301 ticketsTraining Dept. of Nimrod Inc wants to develop a regression-based compensation model (compensation in $ per year, Comp) for its mid-level managers to encourage performance, loyalty, and continuing education based on three variables. ▪ Business unit-profitability (Profit per year in $). ▪ Working experiences in Nimrod Inc (Years). ▪ Whether or not a manager has a graduate degree (Grads). If a manager has a graduate degree equals 1, 0 otherwise. Table Attached Question: Which explanatory variables and interaction terms are significant and not significant at alpha = 5%? Explain your answer briefly.
- 4) How to conduct multiple regression in Excel (Provide the steps)? Driving Experience (years) Monthly Auto Insurance Premium 5 $64 2 87 12 50 9 71 15 44 6 56 25 42 16 60 Does the insurance premium depend on the driving experience or does the driving experience depend on the insurance premium? Do you expect a positive or a negative relationship between these two variables?How is the Polynomial Regression model different from the Simple Linear Regression and Multiple Linear Regression models? Select an answer: a. The independent variables are categorical instead of numerical. b. There are multiple dependent variables instead of just one. c. The independent variable is raised to a higher power (squared, cubed, etc.). d. The dependent variable is raised to a higher power (squared, cubed, etc.).The table shows a country's average fuel consumption for "light duty" vehicles (passenger cars and small trucks) for several years. Let x be the number of years since 1985, so that x = 5 stands for 1990 and so forth. Year Fuel Economy (mpg) 1990 16.9 1995 17.7 2000 18.3 (a) Find the linear regression model for these data. What does the slope in the regression model represent? 2005 18.9 (b) Use the linear regression model to predict the country's average fuel economy for light duty vehicles in the year 2035. 2010 19.6 (a) Find the linear regression model for these data. Choose the correct answer below. (Use integers or decimals for any numbers in the equation. Round to the nearest hundredth as needed.)