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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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 13, Problem 2PS

If the values of X in Problem 13.1 from 2 to 25, should you use this model to predict the mean value Y When X equals

a . 3? b . − 3? c . 0? d . 24?

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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Chapter 13, Problem 1PS

Chapter 13, Problem 3PS

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A company found that the daily sales revenue of its flagship product follows a normal distribution with a mean of $4500 and a standard deviation of $450. The company defines a "high-sales day" that is, any day with sales exceeding $4800. please provide a step by step on how to get the answers in excel Q: What percentage of days can the company expect to have "high-sales days" or sales greater than $4800? Q: What is the sales revenue threshold for the bottom 10% of days? (please note that 10% refers to the probability/area under bell curve towards the lower tail of bell curve) Provide answers in the yellow cells

Chapter 13 Solutions

Student Solutions Manual for Basic Business Statistics

Ch. 13 - Prob. 1PS Ch. 13 - If the values of X in Problem 13.1 from 2 to 25,...Ch. 13 - Fitting a straight line to a set data yields the...Ch. 13 - The production of wine is a multibillion-dollar...Ch. 13 - Zagatâ€™s publishes restaurant ratings for various...Ch. 13 - The owner of a moving company typically has his...Ch. 13 - Starbucks Coffee Co. uses a data-based approach to...Ch. 13 - Prob. 8PS Ch. 13 - An agent for a residential real estate company in...Ch. 13 - Prob. 10PS

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If the values of X in Problem 13.1 from 2 to 25, should you use this model to predict the mean value Y When X equals a . 3? b . − 3? c . 0? d . 24?

Solution Summary: The author explains that one cannot extrapolate beyond the range of X values while predicting Y.

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Chapter 13 Solutions