$STAT TECH IN BUSINESS & ECON LL\AC$

18th Edition

ISBN: 9781264720545

Author: Lind

Publisher: MCG

Concept explainers

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Videos

Textbook Question

Chapter 13, Problem 62DA

The North Valley Real Estate data reports information on homes on the market.

a. Let selling price be the dependent variable and size of the home the independent variable. Determine the regression equation. Estimate the selling price for a home with an area of 2,200 square feet. Determine the 95% confidence interval for all 2,200 square foot homes and the 95% prediction interval for the selling price of a home with 2,200 square feet.
b. Let days-on-the-market be the dependent variable and price be the independent variable. Determine the regression equation. Estimate the days-on-the-market of a home that is priced at $300,000. Determine the 95% confidence interval of days-on-the-market for homes with a mean price of $300,000, and the 95% prediction interval of days-on-the-market for a home priced at $300,000.
c. Can you conclude that the independent variables “days on the market” and “selling price” are positively correlated? Are the size of the home and the selling price positively correlated? Use the .05 significance level. Report the p-value of the test. Summarize your results in a brief report.

Compare Compare Correlation is the measure of the degree of the relationship between the variables. In regression, the relationship between the variables to predict one by another is assessed. In correlation there is no cause and effect between the variables, whereas in regression there is a cause and effect between the variables. By using correlation, we cannot predict anything, but regression is a predictive tool. Coefficients are symmetrical in correlation but in regression they are asymmetrical. Correlation is independent of change in origin and scale, but regression is not independent of change in scale.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 13, Problem 61CE

Chapter 13, Problem 64DA

Chapter 13 Solutions

STAT TECH IN BUSINESS & ECON LL\AC

Ch. 13 - Prob. 1SR Ch. 13 - Prob. 1E Ch. 13 - Prob. 2E Ch. 13 - Bi-lo Appliance Super-Store has outlets in several...Ch. 13 - Prob. 4E Ch. 13 - Prob. 5E Ch. 13 - The owner of Maumee Ford-Volvo wants to study the...Ch. 13 - Prob. 2SR Ch. 13 - Prob. 7E Ch. 13 - Prob. 8E

Ch. 13 - Prob. 9E Ch. 13 - Prob. 10E Ch. 13 - Prob. 11E Ch. 13 - Prob. 12E Ch. 13 - Prob. 3SR Ch. 13 - Prob. 13E Ch. 13 - Prob. 14E Ch. 13 - Prob. 15E Ch. 13 - Prob. 16E Ch. 13 - Prob. 17E Ch. 13 - Prob. 18E Ch. 13 - Prob. 19E Ch. 13 - Prob. 20E Ch. 13 - Prob. 4SR Ch. 13 - Prob. 21E Ch. 13 - Prob. 22E Ch. 13 - Prob. 23E Ch. 13 - Prob. 24E Ch. 13 - Prob. 5SR Ch. 13 - Prob. 25E Ch. 13 - Prob. 26E Ch. 13 - Prob. 27E Ch. 13 - Prob. 28E Ch. 13 - Prob. 29E Ch. 13 - Prob. 30E Ch. 13 - Prob. 6SR Ch. 13 - Prob. 31E Ch. 13 - Prob. 32E Ch. 13 - Prob. 33E Ch. 13 - Refer to Exercise 16. a. Determine the .95...Ch. 13 - Prob. 35E Ch. 13 - A regional commuter airline selected a random...Ch. 13 - Prob. 38CE Ch. 13 - Prob. 39CE Ch. 13 - Prob. 40CE Ch. 13 - Prob. 41CE Ch. 13 - Prob. 42CE Ch. 13 - Prob. 43CE Ch. 13 - Prob. 44CE Ch. 13 - The manufacturer of Cardio Glide exercise...Ch. 13 - Prob. 46CE Ch. 13 - Prob. 47CE Ch. 13 - Prob. 48CE Ch. 13 - Prob. 49CE Ch. 13 - Mr. William Profit is studying companies going...Ch. 13 - Prob. 51CE Ch. 13 - Prob. 54CE Ch. 13 - A regression analysis relating the current market...Ch. 13 - Prob. 56CE Ch. 13 - Prob. 57CE Ch. 13 - Prob. 58CE Ch. 13 - Prob. 59CE Ch. 13 - Prob. 60CE Ch. 13 - TravelAir.com samples domestic airline flights to...Ch. 13 - The North Valley Real Estate data reports...Ch. 13 - Prob. 64DA

Knowledge Booster

$Statistics$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions

Find the equation of the regression line for the following data set. x 1 2 3 y 0 3 4

Recommended textbooks for you

Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
College Algebra
Algebra
ISBN:9781337282291
Author:Ron Larson
Publisher:Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Functions and Change: A Modeling Approach to Coll...
Algebra
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Cengage Learning