**11.95 Predicting Quit Rates in Manufacturing**The reasons given by workers for quitting their jobs generally fall into one of two categories: (1) a worker quits to seek or take a different job, or (2) a worker quits to withdraw from the labor force. Economic theory suggests that wages and quit rates are related. The next table lists quit rates (quits per 100 employees) and the average hourly wage in a sample of 15 manufacturing industries. Consider the simple linear regression of quit rate $ y $ on average wage $ x $.a. Do the data present sufficient evidence to conclude that average hourly wage rate contributes useful information for the prediction of quit rates? What does your model suggest about the relationship between quit rates and wages? **Transcription for Educational Website**---**Task b: Prediction Interval for Quit Rate**- Find a 95% prediction interval for the quit rate in an industry with an average hourly wage of $9.00.- Interpret the result.**Task c: Confidence Interval for Mean Quit Rate**- Find a 95% confidence interval for the mean quit rate for industries with an average hourly wage of $9.00.- Interpret this result.**Data Table: Industry Quit Rates and Average Wages**- **Industry Data:** - **Industry 1:** Quit Rate = 1.4, Average Wage = $8.20 - **Industry 2:** Quit Rate = 0.7, Average Wage = $10.35 - **Industry 3:** Quit Rate = 2.6, Average Wage = $6.18 - **Industry 4:** Quit Rate = 3.4, Average Wage = $5.37 - **Industry 5:** Quit Rate = 1.7, Average Wage = $9.94 - **Industry 6:** Quit Rate = 1.7, Average Wage = $9.11 - **Industry 7:** Quit Rate = 1.0, Average Wage = $10.59 - **Industry 8:** Quit Rate = 0.5, Average Wage = $13.29 - **Industry 9:** Quit Rate = 2.0, Average Wage = $7.99 - **Industry 10:** Quit Rate = 3.8, Average Wage = $5.54 - **Industry 11:** Quit Rate = 2.3, Average Wage = $7.50 - **Industry 12:** Quit Rate = 1.9, Average Wage = $6.43 - **Industry 13:** Quit Rate = 1.4, Average Wage = $8.83 - **Industry 14:** Quit Rate = 1.8, Average Wage = $10.93 - **Industry 15:** Quit Rate = 2.0, Average Wage = $8.80---**Explanation:**This table showcases the relationship between quit rates and average hourly wages across various industries. The tasks involve statistical analysis to predict and estimate quit rates for a given wage rate.

The simple linear regression model is a statistical technique to determine and analyze the…

Answered: Predicting quit rates in manufacturing.…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Exercise 2. A corporation administers an aptitude test to all new sales representatives. Management is interested in the extent to which this test is able to predict sales representatives' eventual success. The accompanying table records average weekly sales (in thousands of dollars) and aptitude test scores for a random sample of eight representatives. Test score Weekly Sales 55 60 85 75 80 85 65 60 10 12 28 24 18 16 15 12 a. Estimate the linear regression of weekly sales on aptitude test scores. b. Interpret the estimated slope of the regression line.
Suppose a researcher collects data on houses that have been sold in a particular neighbourhood over the past year, and obtains the regressions results in the table shown below. A family purchases a 2000 square foot home and plans to make extensions totalling 500 square feet. The house currently has a pool, and a real estate agent has reported that the house is in excellent condition. However, the house does not have a view, and this will not change as a result of the extensions. According to the results in column (1), what is the expected DOLLAR increase in the price of the home due to the planned extensions?
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