EP BUSINESS STATISTICS:FIRST COURSE-ACC
8th Edition
ISBN: 9780135179802
Author: Levine
Publisher: PEARSON CO
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Illustrate the importance of using regression models.
What do you mean by Regression analysis. define types of regressions?
Explain the first step in the written development of a regression model?
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- What is extrapolation when using a linear model?arrow_forwardLife Expectancy The following table shows the average life expectancy, in years, of a child born in the given year42 Life expectancy 2005 77.6 2007 78.1 2009 78.5 2011 78.7 2013 78.8 a. Find the equation of the regression line, and explain the meaning of its slope. b. Plot the data points and the regression line. c. Explain in practical terms the meaning of the slope of the regression line. d. Based on the trend of the regression line, what do you predict as the life expectancy of a child born in 2019? e. Based on the trend of the regression line, what do you predict as the life expectancy of a child born in 1580?2300arrow_forwardExplain how to interpret the absolute value of acorrelation coefficient.arrow_forward
- HOW DO YOU SEE IT? Discuss how well a linear model approximates the data shown in each scatter plot.arrow_forwardXYZ Corporation Stock Prices The following table shows the average stock price, in dollars, of XYZ Corporation in the given month. Month Stock price January 2011 43.71 February 2011 44.22 March 2011 44.44 April 2011 45.17 May 2011 45.97 a. Find the equation of the regression line. Round the regression coefficients to three decimal places. b. Plot the data points and the regression line. c. Explain in practical terms the meaning of the slope of the regression line. d. Based on the trend of the regression line, what do you predict the stock price to be in January 2012? January 2013?arrow_forwardFor the following exercises, use each set of data to calculate the regression line using a calculator or other technology tool, and determine the correlation coefficient to 3 decimal places of accuracy.arrow_forward
- Explain the difference between a positive and anegative correlation coefficient.arrow_forwardDemand for Candy Bars In this problem you will determine a linear demand equation that describes the demand for candy bars in your class. Survey your classmates to determine what price they would be willing to pay for a candy bar. Your survey form might look like the sample to the left. a Make a table of the number of respondents who answered yes at each price level. b Make a scatter plot of your data. c Find and graph the regression line y=mp+b, which gives the number of respondents y who would buy a candy bar if the price were p cents. This is the demand equation. Why is the slope m negative? d What is the p-intercept of the demand equation? What does this intercept tell you about pricing candy bars? Would you buy a candy bar from the vending machine in the hallway if the price is as indicated. Price Yes or No 50 75 1.00 1.25 1.50 1.75 2.00arrow_forwardUsing your graphing calculator, make a scatter plot of the data from the table. Then graph your model from Question 2 along with the data. How well does your model fit the data? What could you do to try to improve your model?arrow_forward
- Does the following table represent a linear function ? If so, find the linear equation that models the data.arrow_forwardExplain what a dummy variable is and how it is used in regression analysisarrow_forwardBriefly explain how we can investigate whether the regression model faces the problem of multicollinearityarrow_forward
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