Student Solutions Manual for Basic Business Statistics
Student Solutions Manual for Basic Business Statistics
13th Edition
ISBN: 9780321926708
Author: David M. Levine; Mark L. Berenson; Timothy C. Krehbiel; Kathryn A. Szabat; David F. Stephan
Publisher: Pearson Education
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Chapter 13, Problem 1PS

a.

To determine

Interpret the Y intercept.

a.

Expert Solution
Check Mark

Explanation of Solution

The given prediction line is Y^i=2+5Xi .

The general prediction line is given by:

Y^i=bo+b1Xi

Here, Y^i is the predicted value of dependent variable Y for the number of observations i , Xi is the value of independent variable X for observations i , bo is the sample Y intercept and b1 is the sample slope.

Comparing the given equation with general equation, the intercept is, b0=2 . It can be interpreted as the predicted value of Y is 2, when X=0 .

b.

To determine

Interpret the slope coefficient.

b.

Expert Solution
Check Mark

Explanation of Solution

In the given prediction line, the slope is b1=5 .

Slope coefficient gives the change in Y for a unit change in X . Here, slope b1=5 means that for an unit increase in X , the predicted value of Y increases by a mean of 5 units.

c.

To determine

Find the predicted value of Y , when X=3

c.

Expert Solution
Check Mark

Answer to Problem 1PS

The predicted value is 17.

Explanation of Solution

The prediction line is given by Y^i=2+5Xi .

Now, substitute Xi=3 in the above prediction line.

Y^i=2+5×3=17

Thus, the required value is Y^i=17 .

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Chapter 13 Solutions

Student Solutions Manual for Basic Business Statistics

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