Loose Leaf for Statistical Techniques in Business and Economics
17th Edition
ISBN: 9781260152647
Author: Douglas A. Lind
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 14, Problem 1E
The director of marketing at Reeves Wholesale Products is studying monthly sales. Three independent variables were selected as estimators of sales: regional population, per capita income, and regional unemployment rate. The regression equation was computed to be (in dollars):
- a. What is the full name of the equation?
- b. Interpret the number 64,100.
- c. What are the estimated monthly sales for a particular region with a population of 796,000, per capita income of $6,940, and an unemployment rate of 6.0%?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A car dealer wants to estimate the price of a used car based on the age of the car and the mileage. Based on a sample of 20 cars, she determines the sample regression equation that predicts price taxes on the basis of the age (in years) of the number of miles is
Price=21,619-1022Age-0.03 Miles
(a) If the age of the car was fixed and the mileage was increased by 10,000, how much would the price increase or decrease and by how much?
(b) Predict the selling price of a five-year-old car with 65,000 miles. (Round your answers to the nearest whole number.)
Daphne, who graduated from one of the prestigious schools in Cebu, was asked by her boss to estimate the demand of the customer for the succeeding month. The resulting estimated regression equation is y = 1.304 + 0.602x, with the following range of independent variables: 0, 5, 8, 13, 16, 18, and 23. How will her boss interpret the estimated intercept?
The line of best fit through a set of data is
Y =
– 11.943 + 2.982x
According to this equation, what is the predicted value of the dependent variable when the independent
variable has value 100?
ŷ =
Round to 1 decimal place.
Chapter 14 Solutions
Loose Leaf for Statistical Techniques in Business and Economics
Ch. 14 - There are many restaurants in northeastern South...Ch. 14 - The director of marketing at Reeves Wholesale...Ch. 14 - Thompson Photo Works purchased several new, highly...Ch. 14 - A consulting group was hired by the Human...Ch. 14 - Cellulon, a manufacturer of home insulation, wants...Ch. 14 - Refer to Self-Review 141 on the subject of...Ch. 14 - Prob. 5ECh. 14 - Prob. 6ECh. 14 - Prob. 3SRCh. 14 - Given the following regression output, answer the...
Ch. 14 - The following regression output was obtained from...Ch. 14 - A study by the American Realtors Association...Ch. 14 - The manager of High Point Sofa and Chair, a large...Ch. 14 - Prob. 10ECh. 14 - Prob. 11ECh. 14 - A real estate developer wishes to study the...Ch. 14 - Prob. 13CECh. 14 - Prob. 14CECh. 14 - Prob. 15CECh. 14 - Prob. 16CECh. 14 - The district manager of Jasons, a large discount...Ch. 14 - Suppose that the sales manager of a large...Ch. 14 - The administrator of a new paralegal program at...Ch. 14 - Prob. 20CECh. 14 - Prob. 21CECh. 14 - A regional planner is studying the demographics of...Ch. 14 - Great Plains Distributors, Inc. sells roofing and...Ch. 14 - Prob. 24CECh. 14 - Prob. 25CECh. 14 - Prob. 26CECh. 14 - An investment advisor is studying the relationship...Ch. 14 - Prob. 28CECh. 14 - Prob. 29CECh. 14 - The director of special events for Sun City...Ch. 14 - Prob. 31CECh. 14 - Prob. 32CECh. 14 - Prob. 33DACh. 14 - Prob. 34DACh. 14 - Prob. 35DACh. 14 - Prob. 1PCh. 14 - Quick-print firms in a large downtown business...Ch. 14 - The following ANOVA output is given. a. Compute...Ch. 14 - Prob. 1CCh. 14 - Prob. 2CCh. 14 - Prob. 3CCh. 14 - In a scatter diagram, the dependent variable is...Ch. 14 - What level of measurement is required to compute...Ch. 14 - If there is no correlation between two variables,...Ch. 14 - Which of the following values indicates the...Ch. 14 - Under what conditions will the coefficient of...Ch. 14 - Given the following regression equation, = 7 ...Ch. 14 - Given the following regression equation, = 7 ...Ch. 14 - Given the following regression equation, = 7 ...Ch. 14 - Prob. 1.9PTCh. 14 - In a multiple regression equation, what is the...Ch. 14 - Prob. 1.11PTCh. 14 - Prob. 1.12PTCh. 14 - For a dummy variable, such as gender, how many...Ch. 14 - What is the term given to a table that shows all...Ch. 14 - If there is a linear relationship between the...Ch. 14 - Given the following regression analysis output: a....Ch. 14 - Given the following regression analysis output. a....
Knowledge Booster
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
- Does Table 2 represent a linear function? If so, finda linear equation that models the data.arrow_forwardIf you travel 100 miles in two hours, then your average speed for the trip is Average speed=_________=________arrow_forwardFind the degrees of freedom in a regression model with an intercept term that has 88 observations and 7 explanatory variables.arrow_forward
- For 39 nations, a correlation of 0.887 was found between y = Internet use (%) and x = gross domestic product (GDP, in thousands of dollars per capita). The regression equation is y = -3.68 + 1.73x. Complete parts (a) through (c). a. Based on the correlation value, the slope had to be positive. Why? A. The slope and correlation are positive because gross domestic product could not be negative. B. The correlation and the slope are positive because the y-intercept is negative. That is a very unusual fact, because the slope and correlation usually have different signs. D. Although slope and correlation usually have different values, they always have the same sign. b. One nation had a GDP of 31.3 thousand dollars and Internet use of 28.5%. Find its predicted Internet use based on the regression equation. % (Round to one decimal place as needed.)arrow_forwardFor 39 nations, a correlation of 0.887 was found between y = Internet use (%) and x = gross domestic product (GDP, in thousands of dollars per capita). The regression equation is y = -3.68 + 1.73x. Complete parts (a) through (c). a. Based on the correlation value, the slope had to be positive. Why? A. The slope and correlation are positive because gross domestic product could not be negative. B. The correlation and the slope are positive because the y-intercept is negative. C. That is a very unusual fact, because the slope and correlation usually have different signs. D. Although slope and correlation usually have different values, they always have the same sign.arrow_forwardUsing the weights (lb) and highway fuel consumption amounts (mi/gal) of the 48 cars listed in the accompanying data set, one gets this regression equation: y = 58.9-0.00749x, where x represents weight. Complete parts (a) through (d). Click the icon to view the car data. The site to your captio V.UVITU. D. The slope is -0.00749 and the y-intercept is 58.9. c. What is the predictor variable? ... OA. The predictor variable is highway fuel consumption, which is represented by x. OB. The predictor variable is highway fuel consumption, which is represented by y. C. The predictor variable is weight, which is represented by x. OD. The predictor variable is weight, which is represented by y. d. Assuming that there is a significant linear correlation between weight and highway fuel consumption, what is the best predicted value for a car that weighs 2994 lb? The best predicted value of highway fuel consumption of a car that weighs 2994 lb is (Round to one decimal place as needed.) mi/gal.arrow_forward
- Do fastarrow_forwardplease use this situation: A small theater company has a linear regression model to estimate y = the concession stand sales in dollars, based on knowing x = the number of people in attendance. The regression equation is: = 6.72x + 11.50 and the correlation coefficient was r = 0.781. The data set saw the number of people in attendance ranging from a minimum of 18 people to a maximum of 170 people. 1) Interpret the slope of the regression equation in the context of the problem. If it would make sense, interpret the y-intercept and if it doesn’t make sense to do that say why.arrow_forwardA random sample of beef hotdogs was taken and the amount of sodium (in mg) and calories were measured. The data are in the table. Create a scatter plot and find a regression equation between amount of calories and amount of sodium. Then use the regression equation to find the amount of sodium a beef hotdog has if it is 138 calories and if it is 100 calories. Which sodium level that you calculated do you think is closer to the true sodium level? Why? Calories and Sodium Levels in Beef Hotdogs Calories Sodium 181 477 114 296 184 440 164 495 149 374 180 526 137 251 170 482 133 350 Select the correct scatterplot. 500 400 440 420 400 340 300 200 124010 15 120 125 18015 140 145 150 155 100 45 170 175 Jao Jas I80 4p. 500 400 440 420 400 300 340 300 200 I4oio is 120 125 180 135 140 J45 J50 153 100 165 170o 500 400 440 420 400 300 340 320 300 220 200 1240lio is 120 125 180 1 140 145 150 155 100 165 170 175 Jao Jas J0 4s. The regression equation is y= decimal places if necessary.) (Round to two…arrow_forward
- The following table gives the data for the average temperature and the snow accumulation in several small towns for a single month. Determine the equation of the regression line, yˆ=b0+b1xy^=b0+b1x. Round the slope and y-intercept to the nearest thousandth. Then determine if the regression equation is appropriate for making predictions at the 0.010.01 level of significance. Average Temperatures and Snow Accumulations Average Temperature (℉℉) 38 30 17 39 45 22 34 24 29 38 Snow Accumulation (in.in.) 6 19 27 5 13 26 26 14 13 5 Copy Dataarrow_forwardFlight Data City Distance Time (1000s of miles) (hours) 1 1.151 2.87 2 2.822 5.97 3 3.319 7.27 4 1.728 4.24 567 2.403 4.96 1.804 4.14 0.284 1.16 -arrow_forwarddo you need to add the days to the regression equationarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
College AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:9781133382119
Author:Swokowski
Publisher:Cengage
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
College Algebra
Algebra
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:Cengage Learning
Correlation Vs Regression: Difference Between them with definition & Comparison Chart; Author: Key Differences;https://www.youtube.com/watch?v=Ou2QGSJVd0U;License: Standard YouTube License, CC-BY
Correlation and Regression: Concepts with Illustrative examples; Author: LEARN & APPLY : Lean and Six Sigma;https://www.youtube.com/watch?v=xTpHD5WLuoA;License: Standard YouTube License, CC-BY