Statistics for Business and Economics (13th Edition)

13th Edition

ISBN: 9780134506593

Author: James T. McClave, P. George Benson, Terry Sincich

Publisher: PEARSON

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Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as p…

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Textbook Question

Chapter 12.5, Problem 12.39ACB

Forecasting movie revenues with Twitter. Refer to the IEEE International Conference on Web Intelligence and Intelligent Agent Technology (2010) study on using the volume of chatter on Twitter.com to forecast movie box office revenue, Exercise 12.10. (p. 699). The researchers modeled a movie’s opening weekend box office revenue (y) as a function of tweet rate (x₁) and ratio of positive to negative tweets (x₂) using a first-order model.

a. Write the equation of an interaction model for E(y) as a function of x₁ and x₂.
b. In terms of the β’s in the model, part a, what is the change in revenue (y) for every 1-tweet increase in the tweet rate (x₁), holding PN-ratio (x₂) constant at a value of 2.5?
c. In terms of the β’s in the model, part a, what is the change in revenue (y) for every 1-tweet increase in the tweet rate (x₁), holding PN-ratio (x₂) constant at a value of 5.0?
d. In terms of the β’s in the model, part a, what is the change in revenue (y) for every 1-unit increase in the PN-ratio (x₂), holding tweet rate (x₁) constant at a value of 100?
e. Give the null hypothesis for testing whether tweet rate (x₁) and PN-ratio (x₂) interact to affect revenue (y).

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Chapter 12.5, Problem 12.38ACB

Chapter 12.5, Problem 12.41ACB

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Chapter 12 Solutions

Statistics for Business and Economics (13th Edition)

Ch. 12.3 - Write a first-order model relating E(y) to a. two...Ch. 12.3 - Minitab was used to fit the model E(y) = (0 + 1x1...Ch. 12.3 - Suppose you fit the multiple regression model y =0...Ch. 12.3 - Suppose you fit the first-order multiple...Ch. 12.3 - Prob. 12.5LM Ch. 12.3 - Prob. 12.6LM Ch. 12.3 - Prob. 12.7LM Ch. 12.3 - If the analysis of variance F-test leads to the...Ch. 12.3 - Ambiance of 5-star hotels. Although invisible and...Ch. 12.3 - Forecasting movie revenues with Twitter. Refer to...

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Solution Summary: The author explains the interaction model for E(y) as a function of x_1.

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