When the Titanic sank in 1912, there were over 1,300 passengers aboard. A random sample of 50 passengers that were aboard is taken. The amount they paid for the voyage and whether or not they survived is recorded. A model is fit to predict the probability they survived when the ship sank is obtained. Logistic Fit of Survived By Fare 1.00- A. Survived 0.75- 0.50- 0.25- 50 100 Fare Parameter Estimates Term Estimate Std Error ChiSquare Intercept -1.404254 0.4353289 Fare 0.01246686 0.0097945 For log odds of Yes/No 10.41 1.62 150 200 Prob>ChiSq 0.0013 0.2031 No Yes a) Suppose someone paid a fare of 25 pounds. Predict the probability they survived. b) How much would someone pay to have at least a 65% chance of survival?
When the Titanic sank in 1912, there were over 1,300 passengers aboard. A random sample of 50 passengers that were aboard is taken. The amount they paid for the voyage and whether or not they survived is recorded. A model is fit to predict the probability they survived when the ship sank is obtained. Logistic Fit of Survived By Fare 1.00- A. Survived 0.75- 0.50- 0.25- 50 100 Fare Parameter Estimates Term Estimate Std Error ChiSquare Intercept -1.404254 0.4353289 Fare 0.01246686 0.0097945 For log odds of Yes/No 10.41 1.62 150 200 Prob>ChiSq 0.0013 0.2031 No Yes a) Suppose someone paid a fare of 25 pounds. Predict the probability they survived. b) How much would someone pay to have at least a 65% chance of survival?
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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Transcribed Image Text:4. When the Titanic sank in 1912, there were over 1,300 passengers aboard. A random sample of
50 passengers that were aboard is taken. The amount they paid for the voyage and whether or
not they survived is recorded.
A model is fit to predict the probability they survived when the ship sank is obtained.
Survived
Logistic Fit of Survived By Fare
1.00
0.75
0.50-
0.25-
50
4 Parameter Estimates
100
Term
Intercept -1.404254 0.4353289
Fare
0.01246686 0.0097945
For log odds of Yes/No
Fare
Estimate Std Error ChiSquare
10.41
1.62
150
200
Prob>ChiSq
0.0013*
0.2031
No
Yes
a) Suppose someone paid a fare of 25 pounds. Predict the probability they survived.
b) How much would someone pay to have at least a 65% chance of survival?
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