EBK BUSINESS STATISTICS
7th Edition
ISBN: 8220102743984
Author: STEPHAN
Publisher: PEARSON
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Q.2. The following equation relates wages of Australian workers (wage) to the level of
immigration in the Australian cities (immi); immi = number of immigrants in the city/ total
number of workers in the city.
log(wage) = Po + B₁.log(immi), n = 13500
i.
ii.
iii.
Interpret the coefficient on log(immi). Discuss the possible sign of B₁?
Do you think simple regression provides an unbiased estimator of the ceteris paribus
elasticity of wage with respect to immi? (Think about the immigrant's decision on
where to move to?
What other factors about a city might affect wage? Might these be correlated with
immigration to the city)
The variable income (yearly) is examined in a regression setting where the predictor variable is lag (1) of income and the following output is produced.
a) Write down the regression equation.
b) Interpret the meaning of the slope.
c) A dummy variable for gender (male=0, female=1) was added to the model. Interpret its coefficient of -0.2.
If the equation of the regression line that relates hours per week spent in the tutor lab, x, to GPA, y, is y=2.1+0.28, then the best presdiction for the GPA of students who never go into the lab would be 2.1
True
Or
False
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- The following fictitious table shows kryptonite price, in dollar per gram, t years after 2006. t= Years since 2006 0 1 2 3 4 5 6 7 8 9 10 K= Price 56 51 50 55 58 52 45 43 44 48 51 Make a quartic model of these data. Round the regression parameters to two decimal places.arrow_forwardTable 6 shows the population, in thousands, of harbor seals in the Wadden Sea over the years 1997 to 2012. a. Let x represent time in years starting with x=0 for the year 1997. Let y represent the number of seals in thousands. Use logistic regression to fit a model to these data. b. Use the model to predict the seal population for the year 2020. c. To the nearest whole number, what is the limiting value of this model?arrow_forwardTable 2 shows a recent graduate’s credit card balance each month after graduation. a. Use exponential regression to fit a model to these data. b. If spending continues at this rate, what will the graduate’s credit card debt be one year after graduating?arrow_forward
- bThe average rate of change of the linear function f(x)=3x+5 between any two points is ________.arrow_forwardUse the table of values you made in part 4 of the example to find the limiting value of the average rate of change in velocity.arrow_forwardThe following table gives the amount spent on cellular service. Date Cellular service revenue(in billions) 2011 1.01 2012 1.05 2013 1.09 2014 1.11 Plot the data points. (Let tbe the number of years since 2011 and C the amount of cellular service revenue, in billions of dollars.) CORRECT (b) Find the equation of the regression line. (Let t be the number of years since 2011 and C the amount of cellular service revenue, in billions of dollars. Round the regression line parameters to three decimal places.) C(t) = C(t) = 0.034t+1.014 CORRECT Add its graph to the plotted data. CORRECT (c) In 2015, $1.14 trillion was spent on cellular service. If you had been a financial strategist in 2014 with only the data in the table above available, what would have been your prediction for the amount spent on cellular service in 2015? (Round your answer to two decimal places.) billion dollars CORRECT…arrow_forward
- Please help me better understand proble and how to calculate predicted vale of Allen's final exam. In a accounting course, a linear regression equation was computed to predict the final exam score from the score on the midterm exam. The equation of the least-squares regression line was Y= 10 + 0.85X. Y represents the final exam score, and X is the midterm exam score. QUESTION: Suppose Allen scores 83 on the midterm exam. What would be the predicted value of his score on the final exam (assuming no extrapolation error)?arrow_forwardDefine both x and y in all problems. x is the cause, and y is the effect. This is the most important step when doing linear regression, otherwise, all the remanding parts will be wrong.arrow_forwardJohnson Filtration, Inc. provides maintenance service for water-filtration systems. Suppose that in addition to information on the number of months since the machine was serviced and whether a mechanical or an electrical repair was necessarY, the managers obtained a list showing which repairperson performed the service. The revised data follow. Click on the datafile logo to reference the data. DATA file Repair Time Months Since in Hours Last Service Type of Repair Repairperson 2.9 Electrical Dave Newton 3.0 Mechanical Dave Newton 4.8 8. Electrical Bob Jones 1.8 3 Mechanical Dave Newton 2.9 2 Electrical Dave Newton 4.9 Electrical Bob Jones 4.2 6. Mechanical Bob Jones 4.8 8. Mechanical Bob Jones 4.4 Electrical Bob Jones 4.5 Electrical Dave Newton a. Ignore for now the months since the last maintenance service (1) and the repairperson who performed the service. Develop the estimated simple linear regression equation to predict the repair time (y) given the type of repair (2 ). Recall that…arrow_forward
- In the method of regression, data sets are summarized in a useful form. The “independent” pieces of data are called inputs or regressors, whereas a quantity that is a function of the inputs, will be called a response. In an experiment, the effect of increasing storage temperature is related to the number of spoiled loaves of bread after 7 days. In this case, which variable will be the regressor?arrow_forwardThe manager of the purchasing department of a large saving and loan organization would like to develop a model to predict the amount of time (measured in hours) it takes to record a loan application. Data are collected from a sample of 30 days, and the number of applications recorded and completion time in hours is recorded. Attached below is the regression output. What is the value of the measured t-test statistic to test whether the amount of time depends linearly on the number of loan applications recorded? Question content area bottom Part 1 A. 15.2388 B. 3.2559 C. 232.2200 D. 0.8924arrow_forwardSuppose the analyst constructs the simple linear regression model y = + (x) +e. She estimates it to be 9-1-2ln (x). What is the residual in Excel output for the pair of observations = 1.5 and y = 2? O a. a. -3.81 Ob. 4.69 OC. 2.50 O d. -1.12 e. 3.81arrow_forward
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